in ,

CARDANO (ADA) Long-term Price Analysis- April 16 Ranging

ADA/USD Long-term Trend –Ranging

  • The long-term outlook is in consolidation
  • The bears’ pressure on price remained strong within the range.
  • Supply zone: $0.1200, $0.1400, $0.1600
  • Demand zone: $0.0500, $0.03000, $0.01000

ADA is in a range-bound market in its long-term outlook. The strong bullish momentum that started the month was lost on 3rd April. The formation of an inverted hammer returned the bears whose pressure dropped the price to $0.07592 in the demand area on 11th April.

Despite the week starting on a bullish note at $0.08365 on 14th April, the bears’ strong pressure was evident with ADA further down to $0.07968 in the demand area as the cryptocurrency consolidates.

ADA chart by TradingView

With the price below the 10-EMA and the stochastic oscillator signal pointing down at 40%, these suggest downward momentum in the price of the cryptocurrency on the long-term within the range.

ADA is ranging and trading between $0.1000 in the upper supply area and at $0.07000 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required before taking a position.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

Related Articles

What do you think?

346 points
Upvote Downvote

Written by Ravi Gupat

Ravi grew up in India and graduated in Economics. He is a serial entrepreneur who has founded and exited several companies in tech and media over the past 15 years. He is also an early stage investor and advisor in various blockchain-based companies.


Leave a Reply

Your email address will not be published. Required fields are marked *





Weak Bitcoin Price Trend

Binance Coin (BNB) Burn Completed