Published: 2018-11-23 09:13:33
- There are possibilities that Cardano price may still fall;
- the trend may change in case Supply zone of $0.064 is broken;
- bears took over ADA market.
ADA/USD Price Long-term Trend: Bearish
Supply Zones: $0.064, $0.069, $0.073Demand Zones: $0.061, $0.058, $0.054Cardano resume to its downtrend movement. As it was predicted last week when the cryptocurrency formed descending triangle on the daily and 4-Hour chart to confirm the falling of the coin, ADA is in a bearish trend. The bears’ pressure on ADA price is strong as it is clearly seen on the chart, with the strong bearish candle that broke out from the lower trend line of the last week descending triangle. Cardano price was pushed to break downside the last week demand zones of $0.073, $0.069, $0.064.
ADA price is trading below 21-day EMA and the 50-day EMA, with the two EMAs far apart from each other which indicate the strong pressure of the bears. Moreover, the MACD with its histogram is below zero level and the signal lines pointing towards the south, which indicates that there are possibilities for the continuation of the downtrend.
ADA/USD Price Medium-term Trend: Bearish
On the 4-H chart, Cardano is in the bearish trend. ADA price started falling as the bears gained momentum to push ADA out of the consolidation phase. A Doji candle formed followed by a strong bearish candle that broke downside the former demand zones of $0.073 down to $0.061. The coin moved toward the demand zone of $0.058 but was interrupted by the bulls, returned ADA price to $0.064 supply zone.
Should the bulls push Cardano price up to break the supply zone of $0.064 upside, the trend may change to uptrend but in case the bears defend this zone there will be downtrend continuation.
ADA price is below21-day EMA and 50-day EMA, the two EMAs well separated from one another which connotes that the downtrend is ongoing. The MACD with its histogram is below zero levels with signal lines about bending to the north which indicates a buy signal, which may be a pullback before it continues its downtrend.
The views and opinions expressed in the article Cardano Price Analysis: ADA/USD Trends of November 16–22, 2018 do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.