CARDANO (ADA) Daily Price Forecast –November 21

 

ADA/USD Medium-term Trend: Bearish

Supply zones: $0.08000, $0.08200, $0.08400 Demand zones: $0.04000, $0.03800, $0.03600

ADA continues in a bearish trend in its medium-term outlook. The strong bearish pressure from the breakout of the bearish candle on 19th November at $0.06039 kept the increased bearish momentum as the cryptocurrency dropped to $0.04261 in the demand area on 20th November.

A minor pullback to $0.05181 in the supply area occurred as the bulls stage a returned. This happens at the 38.2 fib level which is a trend continuation zone. Rejection of upward price movement occurred at the10-EMA and ADAUSD went down to $0.04342 before the close of yesterday market.

The bulls are currently in control and pushing price up to the supply area but this is should be seen as a pullback before downtrend continuation. A retest of $0.04261 in the demand area is probably in the medium-term as the bears stage a strong return.

ADA/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in its short-term outlook. Rejection of upward price movement occurred at $0.04930 after a bullish move to the downward trend. This also resulted in the formation of a bearish doji.

The formation of a bearish railroad at $0.04831 further confirmed the bears' takeover Price is below the 10-EMA and the stochastic oscillator is at 72% and its signal points down which implies a downward price movement.

As the bearish momentum increases a retest of $0.04269 in the demand area is imminent before the target at $0.04000.

 

 

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

Publication date: 
11/21/2018 - 16:26
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