ADAUSD Price Analysis – June 18
Cardano runs into sellers again around $0.0939 and closes higher for the 4th day in a row but as earlier the pair had pushed through the key technical upward zone.
The pair is stuck also within a tight trading range.
Demand level: $0.101230, $0.094701
Supply Level: $0.077482, $ 0.060071
ADAUSD Long term trend: Bullish
ADAUSD is moving higher for the 4th consecutive day in a similar trend and the pair finished Monday at $0.0931 edgings higher (0.76%). Also closing within the previous day’s range, prices have failed to progress beyond the previous day’s trading range in a slow tenure.
Buyers managed to take out the key technical resistance zone of the moving average on the level at $0.0926, which is likely to act as support as market proceeds. The long term trend has remained bullish.
ADAUSD Short term trend: Bearish
On the flip side, buying could accelerate should prices progress beyond the nearby swing high on the level at $0.0947 where further buy stops might be triggered. Further buying might move prices higher should the pair proceed to test May’s high.
Looking at the 4-hour chat, prices broke through the short term trend line which signals a selloff in the short term. Ability to hold in bears for the rally is limited but we still go for a bearish short term and a possible correction to the upside in the long run. The 4-hour chat is bearish in the short term.
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