Cardano (ADA) Distribution and accumulation territories:
Distribution territories: $0.080, $0.085, $0.090
Accumulation territories: $0.075, $0.073, $0.069
Cardano Medium-term Price Analysis: Bearish
ADA is about to break out from the symmetrical triangle pattern the market formed yesterday, the price is towards the lower trend line of the triangle. The bears are still in control of the market as more bearish candles are forming and ADA price is falling.
The bearish movement of Cardano continues in its medium-term outlook. ADA made progress two days ago on its downtrend by breaking the accumulation territory of $0.075 downside with the formation of bearish candles. It has exposed the coin to the accumulation territory of $0.073.
MACD with its histogram is below zero level with its signal lines below zero level, pointing to the south, which indicates 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 high probability of break out at the lower trend line of the symmetrical triangle.
Cardano Short-term Price Analysis: Bearish
On the short term, ADA is in its bearish trend. The bears increased their momentum and ADA was pushed further down south below the accumulation territory of $0.075 which exposed the coin to the accumulation territory of $0.073.
The MACD with its histogram is above zero level and signal lines are below zero level with signal lines pointing to the south, indicating a sell signal.
In case the accumulation territory of $0.073 holds, ADA’s price will reverse and the bulls may take over the market. Long position may be taken at the levels of $0.073.