CARDANO (ADA) Long-term Price Analysis- April 30

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  • The long-term oulook remains in a range-bound market
  • The bulls may stage a return and push the price back within the range

ADA/USD Long-term Trend– Ranging

  • Supply zone: $0.1200, $0.1400, $0.1600
  • Demand zone: $0.0500, $0.03000, $0.01000

ADA continues in a range-bound market in its long-term outlook. The lower demand area of the range at $0.07000 was broken on 25th April. With a further drop to $0.06586 with the daily candle closing below the broken area. The bulls returned subsequently and pushed the price back within the range to $0.07444 in the supply area below the 10-EMA.

The bearish spinning top of 28th April brought back the bears whose pressure on price led to a drop in price to $0.06566 with the break of the lower demand area of the range.

Cardano, ADAUSDADA chart by TradingView

A repeat of the scenario that happens on 25th April may occur with the bulls pushing the price back into the range due to bearish exhaustion in the long-term.

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 CryptoGlobe.com and do not constitute financial advice. Always do your own research.

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