Cardano (ADA) Price Analysis | November 21, 2018

Cardano (ADA) Price Analysis | November 21, 2018

ADA/USD Price Medium-term Trend: Bearish

Supply Zones: $0.052, $0.058, $0.064

Demand Zones: $0.042, $0.036, $0.032

Cardano is on its bearish trend on the 4-Hour chart. Consolidation phase ended on November 19. The dynamic resistant of 21-day EMA prevent further increase of ADA price and the bears seize the opportunity to increase momentum, with the formation of strong bearish Japanese candles which broke downside the former demand zones of $0.058, $0.052 and the price found its low at $0.042 price level.

The 21-day EMA crossed the 50-day EMA downside as the confirmation of downtrend. ADA price is trading below the two EMAs which indicate the strong pressure of the bears.

ADA pulled back at the demand zone of $0.042 to retest the broken zone of $0.05 as the downtrend may continue. Should the demand zone of $0.042 holds the coin will change to uptrend and may have the supply zone of $0.058 as its target. On the other hand, if the bears break the demand zone of $0.042 ADA will have its low at $0.036. There is a probability that downtrend may change to bullish trend as the RSI is above 30 levels with signal line points upward.

ADA/USD Short-term Trend: Bearish

The coin is on its bearish trend on the 1-Hour chart. The bears gained enough pressure to push the coin away from the ranging zone down to the low price of $0.042 after broken the former demand zones of $0.058 and $0.052. The bears were in control of the ADA market yesterday.

ADA price is below the 21-day EMA and 50-day EMA with the RSI above 50 levels and the signal line pointing upward which indicate buy signal.

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