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CARDANO (ADA) Long-term Price Analysis- April 9 Bullish

ADA/USD Long-term Trend –Bullish

  • The long-term outlook remained in the uptrend.
  • The rally may have just began after the brief pullback.
  • Supply zone: $0.1200, $0.1400, $0.1600
  • Demand zone: $0.0500, $0.03000, $0.01000

ADA continues in the uptrend in its long-term outlook. The strong bullish momentum was sustained during last week trading session with the target at $0.10000 in the supply area attained on 3rd April. Increased bullish pressure on price pushed the cryptocurrency to $0.1037 in the supply area, the highest for the past six months, ADA was at this area on 3rd September.

ADA chart by TradingView

ADA is in an ascending channel. The price is currently at the lower line of the channel. Each touch at the lower line is followed by a bounce to the upside. The close of today candle above the trend line will confirm the journey to $0.1100 in the supply area in the long-term as more candles opened and closed within the channel.

This is further confirmed with the price above the two EMAs that are fanned apart which suggests strength in the context of the trend and in this case the uptrend.

What do you think?

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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.

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