{"id":19720,"date":"2022-06-13T02:41:20","date_gmt":"2022-06-13T02:41:20","guid":{"rendered":"http:\/\/egrowonline.com\/?p=19720"},"modified":"2022-06-13T02:41:20","modified_gmt":"2022-06-13T02:41:20","slug":"cardano-where-adas-price-could-head-next-after-reaching-its-long-term-support","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=19720","title":{"rendered":"Cardano: Where ADA’s price could head next after reaching its long-term support"},"content":{"rendered":"


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Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.<\/em><\/p>\n

As anticipated in the previous article<\/a>, Cardano\u2019s [ADA] near-term revival saw a drawdown from its immediate supply zone near the $0.63-level. After jumping above key levels, the recent losses have pulled ADA below the resistance of its 20 EMA (red).<\/span><\/p>\n

The ongoing trajectory would likely favor the sellers in the coming days. But an opportunity along the OBV could open a short trading window for the bulls.<\/span><\/p>\n

At press time, ADA traded at $0.5145, down by nearly 10.34% in the last 24 hours.<\/span><\/p>\n

ADA Daily Chart<\/span><\/strong><\/h4>\n
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Source: TradingView, ADA\/USDT<\/p>\n<\/div>\n

With the price action swopping below the 20 EMA, the short-term narrative for ADA flipped back toward the bearish side. The previous bullish efforts saw a decent effort saw a strong rejection of higher prices as the selling volumes registered a spike.<\/span><\/p>\n

The bearish engulfing candlesticks alongside the south-looking 20 EMA have given the bears an added thrust to impede the buying efforts.<\/span><\/p>\n

As the price action approaches its 16-month support in the $0.47-$5 range, any revival could open doorways for a recovery toward the Point of Control (POC, red). Looking at the current buying volumes, the bears could continue to assume control over the trend near the POC.<\/span><\/p>\n

The two-month trendline support (white, dashed) coincided with the immediate demand zone to potentially provide a reliable testing range before a rebound.<\/span><\/p>\n

Rationale<\/span><\/strong><\/h4>\n
\"\"\"\"<\/a><\/p>\n

Source: TradingView, ADA\/USDT<\/p>\n<\/div>\n

The Relative Strength Index (RSI) took a relatively bearish stance while aiming to test the 38-mark support. The investors\/traders must watch for either a bounce-back or breach of this mark before placing bets.<\/span><\/p>\n

Further, the OBV saw a bullish divergence after the indicator\u2019s higher troughs over the last 12 days. A resurgence from its immediate trendline support could help buyers defend the immediate demand zone on the chart.<\/span><\/p>\n

Conclusion<\/span><\/strong><\/h4>\n

While the indicators tilted toward the bearish side, ADA could see a near-term revival from its demand zone. The POC level would likely help the bears maintain their edge in the coming sessions.<\/span><\/p>\n

At last, traders\/investors should keep a close watch on Bitcoin\u2019s movement and its effects on the wider market to make a profitable move.<\/span><\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. As anticipated in the previous article, Cardano\u2019s [ADA] near-term revival saw a drawdown from its immediate supply zone near the $0.63-level. After jumping above key levels, the recent losses have pulled ADA below the resistance […]<\/p>\n","protected":false},"author":1,"featured_media":19721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[44],"tags":[7582,266,2967,195,4833,216],"class_list":["post-19720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ada","tag-adas","tag-cardano","tag-longterm","tag-price","tag-reaching","tag-support"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/06\/Untitled-design-21-1000x600.png","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/19720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19720"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/19720\/revisions"}],"predecessor-version":[{"id":19722,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/19720\/revisions\/19722"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/19721"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19720"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}