ADAUSD Price Analysis – July 8
The pair has moved past top barriers as its price test key levels on the upside zone, although this is very ambitious for the virtual currency, the improvement in Cardano’s price may see investment in the Coin get devalued in the future.
Supply Level: $0.0568, $0.0642, $0.0761
Demand Level: $0.1053, $0.0981, $0.0907
ADAUSD Long term Trend: Bullish
Moving higher for the 3rd day in a row, the pair finished the previous day on the level at $0.0798 gaining about 3% but as of the time of this post, the price has gone past key demand zone on the level at $0.0870.
To reinforce the bullish bias forecast, the price will be closing above the prior’s days range and the price has decisively moved beyond the previous day’s trading range with increased high volatility.
ADAUSD Short term Trend: Ranging
During the trading activity on the 4-hour time frame, the price of the coin is seen spiking up towards its near term demand zone on the level at $0.0818 but again price has retraced down showing lack of will power to move past the level.
Although the ADAUSD is currently in a short term trend in the medium term as this could just be a correction, therefore we posit that the trend is ranging and trading in a sideways manner.
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