Price Analysis

📊Cardano (ADA) Daily Price Analysis | Cardano News | October 24, 2018

Cardano daily Price Analysis

Cardano (ADA) Distribution and accumulation territories:

Distribution territories: $0.080, $0.083, $0.088

Accumulation territories: $0.075, $0.071, $0.069

Cardano Medium-term Price Analysis: Bearish

Cardano Medium-term Price Analysis | October 24, 2018

ADA/USD is in a bearish trend in its medium-term outlook. There was a break out of ADA from the consolidation zone by the formation of a strong bearish candle that breaks down the accumulation territory of $0.075. The bears had started gaining its pressure and were taking over the market gradually.

ADA’s price is falling gradually as it has been exposed to the lower accumulation territories of $0.071. This is an opportunity for the traders to look out for a sell setup to initiate the short trade after a price retest.

MACD with its histogram is below zero level, with its signal lines below zero level pointing to the south, indicates a downtrend movement. In the same vein, the price is under the 10-day EMA and 50-day EMA; 10-dayEMA and the 50-day EMA are well separated which indicates a sell signal.

Cardano Short-term Price Analysis: Bearish

Cardano Short-term Price Analysis | October 24, 2018

ADA is bearish on the 1-Hour chart. The bears had gained enough pressure to push ADA’s price below the accumulation territory of $0.075.  ADA’s price is between the 10-day EMA and the 50-day EMA as the coin is carrying out a retest.

Nevertheless, the MACD with its histogram and signal lines are above zero level with signal lines pointing to the north that indicating a buy signal. The downward trend line act as a resistance to the price as the ADA price touches the trend line. If the price falls to the low of $0.075, the accumulation territories would be breached. In case the ADA price increases towards the distribution territory of $0.080 and the bears defend the territory, traders should look out for sell setup to initiate the short trade.     

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