Cardano (ADA) Distribution and accumulation territories:
Distribution territories: $0.080, $0.083, $0.088
Accumulation territories: $0.077, $0.073, $0.070
Cardano Medium-term Price Analysis: Bullish
Cardano has made an attempt to break out of the consolidation phase with the formation of bullish candles. It also has received enough momentum to break up the distribution territories of $0.080. The bulls are taking control of the market gradually by pushing the coin above the distribution territories of $0.080.
The coin is now at the distribution level of $0.080 and the price is above the 4-day EMA and 50-day EMA with both EMAs well separated from each other. This may indicate a continuation of the uptrend movement.
In case the bulls increase their momentum, the price will increase further and it may break up the distribution level of $0.083 and it will then be exposed to the $0.088 distribution area. The bulls are taking control of the market soon.
The MACD with its histogram is above the zero level and its signal lines were pointing to the north indicating a buy signal.
Cardano Short-term Price Analysis: Bullish
ADA is emerging from the consolidation as the bulls are increasing their momentum and the market is moving to the north to break the distribution territories of $0.080. The cryptocurrency is bullish on the 1-Hour chart. The distribution level of $0.080 has been touched and broken up, but the bears returned to the price to retest the territory.
The coin is above the 4-day EMA and the 50- day EMA, during which the 4- day EMA has crossed the 50-day EMA to the upside, connoting a further increase in price.