Cardano (ADA) Distribution and accumulation territories:
Distribution territories: $0.073, $0.075, $0.081
Accumulation territories: $0.069, $0.064, $0.060
Cardano Medium-term Price Analysis: Bearish
ADA continues in its bearish trend. ADA broke out from the consolidation zone on October 24th when a strong bearish candle broke downside the former accumulation territory of $0.075 and the two EMAs that serve as a strong support on October 21 were also broken. ADA continues its free fall yesterday down to the accumulation territory of $0.069 by the bear’s pressure with the formation of strong bearish candles.
The bears are in control of the market as more bearish candles are forming and ADA’s price is falling and it has broken out the accumulation territory of $0.069. The 21-day EMA has crossed the 50-day EMA downside, which indicates a downtrend movement. More bearish candles are forming below the two EMAs; also the two EMAs are fanned apart. This implies more sellers were present in the market with high strength in the context of the trend. Stochastic Oscillator is above 20 levels with its signal lines pointing to the north, which indicates an upward movement that serves as a price retracement in the downtrend market before the continuation of its downtrend movement.
Cardano Short-term Price Analysis: Bearish
ADA is in its bearish trend on the 1-Hour chart. The bears increased its momentum and ADA’s price was pushed down south, breaking the former accumulation territory of $0.075 and moving towards accumulation territory of $0.069.
ADA’s price is below 10-day EMA and the 50-day EMA as the downtrend indication. In addition, Stochastic Oscillator is above 20 levels with signal lines pointing to the north which indicates a buy signal.
Rejection of the ADA’s price at the accumulation territory of $0.069 by the bulls will make the bulls take over the market only if bears lose their pressure. Break out of the ADA price downside the territory of $0.069 will make the $0.064 price level be the next target for ADA.