ADA/USD Long-term Trend –Bullish
Supply zone: $0.3000, $0.3200, $0.3400
Demand zone: $0.1000, $0.0500, $0.0001
Cardano long-term outlook is bullish. The bulls were able to push the coin up to $0.1614 in the supply area on July 3rd.
The formation of a bearish doji, a reversal candlestick pattern brought the bears back to the market whose pressure pushed the cryptocurrency initially down to $0.1476 and closes the week lower at $0.1366 in the demand area.
This week open bullish with price at $0.1419 against last week opening price of $0.1310, which implies that we may see more buyers taking the long position as the week goes by whose pressure and presence will lead to upward movement in the price of the cryptocurrency.
The overall pullback of the upward movement that started on June 29th is at 50.0 fib level which is trend reversal zone. Hence the bulls favoured for a comeback.
The $0.2000 in the supply area may be the bulls’ initial target in the long-term.