Cardano (ADA) is trading bearish not just short and medium term but long term as well. The bearish pressure took the price to $0.1582 in the demand area.
It broke this support and moved lower to $0.1216 in the demand area. The price of ADA is below the both EMAs with lower lows and lower highs becoming visible with the increased bearish momentum.
The 10-day EMA has a strong resistance against the upward bullish movement and this is going to continue for the next few trading sessions. This is according to the price analysis of Azeer M on Bitcoin Exchange Guide.
Cardano (ADA) Price Today – ADA / USD The two EMAs are apart implying that the downtrend is strong. The signal of the stochastic oscillator is pointing up at 38% meaning that an upward momentum is visible due to the bulls pullback and this is important for market correction before the continuation of a bearish trend.
The bearish pressure will most likely remain strong and more bearish candles will be formed below the two EMAs. The price of ADA may move to $0.1180 long term if the price action doesn’t change soon. Read more from smartereum.com…
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