Cardano Price Analysis: ADA/USD Trends of November 2–8, 2018
The bulls are trying to defend $0.069 demand zone which will make the Cardano price to bounce and rally to the north towards the supply zone of $0.075.
Key Highlights:
ADA/USD Price Long-term Trend: Bearish
The bulls are trying to defend $0.069 demand zone which will make the ADA price to bounce and rally to the north towards the supply zone of $0.075, if this zone is broken by the bulls ADA price may rise to the $0.081 supply zone. Should bears defend $0.075 supply zone, traders can look for an opportunity to place sell stop order to go short because ADA price may resume its downtrend which may break demand zone of $0.069 down to Demand zone of $0.064 as the target.
The price is below 21-day EMA and the 50-day EMA which indicates that downtrend is ongoing. However, the RSI is at 40-level pointing towards the north which indicates that there are possibilities for upward movement.
ADA/USD Price Medium-term Trend: Bearish
In case the demand zone of $0.069 holds, the price will bounce to the north and break the strong supply zone of $0.075, ADA will resume its uptrend movement towards the supply zone of $0.081.
ADA price is below 21-day EMA and 50-day EMA, the two EMAs are a distance from each other which indicates downtrend is ongoing.
Nonetheless, the RSI period 14 is above 50levels with signal lines point to the north, which indicates buy signal which may be a price retracement.
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