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: Bearish
ADA/USD was in the bearish trend in the medium-term outlook. It started its bearish movement four days ago when the bears increased their momentum with the formation of bearish candles that pushed the coin down. Yesterday, the price was rejected at the lower accumulation territories of $0.070 with the formation of bullish candles that led the coin to another consolidation phase.
The price is currently consolidating at the accumulation territories of $0.073. In case more bears come in with their pressure, the coin may be pushed to the accumulation territory of $0.070. Further increase in their momentum may expose ADA to the lower accumulation territory of $0.065.
The coin is below the 10-day EMA and the 50-day EMA. The two EMAs are well separated from each other which indicate a further reduction in the price. The MACD with its histogram is above the zero level and its signal lines point to the north, which indicates an upward movement. Nevertheless, the price may increase today in case the bulls continue to increase their pressure.
Cardano Short-term Price Analysis: Ranging
ADA started consolidation immediately after the bearish movement was interrupted at the accumulation levels of $0.070 by the bulls’ pressure. It has been consolidating for more than two days and yesterday was not an exception.
In case bears increase their momentum, the coin will be pushed to break the accumulation level of $0.073 and the price will be exposed to lower accumulation level of $0.070. Should the bears lose their pressure, the price will be increased towards the distribution level of $0.077.
The coin is below the 10-day EMA and the 50- day EMA. The two EMAs separated apart from each other connotes the probability of a further decrease in price. The MACD is at the zero level and the signal lines are on the zero levels without any direction indicating consolidation mode.
