Dominant bias for CARDANO (ADA) – Ranging
Resistance Levels – $0.08000, $0.08400, $0.08600
Support Levels -$0.07000, $0.06800. $0.06600
Cardano is in a range-bound market in its medium-term outlook. $0.07450 in the support area was the low the bears’ pressure weakens as the bulls stage a comeback before the end of trading session. The bullish pressure was strong despite the bearish 4-hour opening candle as ADAUSD was up $0.7908 in the resistance area and closes with a wick which was an indication of exhaustion thereby setting the bears up for a return.
Price was down to $0.07629 in the support area as the bears exert pressure on the cryptocurrency. The 200 EMA was a strong resistance while the 10 EMA was a strong support as price revolves within them which is a reflection of the consolidation scenario.
The stochastic oscillator is at 35% and its signal is in a parallel line. This connotes equal momentum of the bulls and the bears existed in the market which put ADAUSD in the range.
ADA is in consolidation and trading between $0.08000 in the upper resistance area and at $0.07000 in the lower supply area of the range. A breakout at the upper supply area or breakdown at the lower demand area may occur hence patience is required to allow either to happen before taking a position with good reversal candles as confirmation.
