ADAUSD Price Analysis – July 2
The pair is trading below the previous day’s open, but the ADA is managing to reverse in the short time frame, but looking at the price it also has failed to decisively move beyond the prior day’s range.
Supply Level: $0.050160, $0.060071, $0.077482
Demand Level: $0.101230, $0.097297, $0.094701
ADAUSD Long term Trend: Bullish
After trading for as low as the level at $0.0762 during the day, Cardano found support at the supply zone on the level at $0.0774. Unable to break through to the upside area on the level at $0.0853 earlier, the market may close below it after trading lower in the day.
The failure to close below the demand zone on the level at $0.0853 could increase the level as important going forward, and when prices traded lower a significant zone is established.
ADAUSD Short term Trend: Bearish
Further selling might move prices lower, although recovery is in play on the 4-hour time frame in the temporary, the ADAUSD is currently in a short term downtrend, and yet still the overall trend is bullish but with a bearish 4-hour chart.
The technical indicators based on the market condition shows a later trend in the upward direction and it is usually interpreted as a bullish condition.
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