CardanoShort
CARDANO Mostly bearish due to the 1D MA200.
ADAUSD has completed 1 full week of sideways action. Here is the reasons why.
Levels to watch:
- The 0.0465 - 0.0490 Resistance Zone. The peak of the current uptrend was exactly in the middle of that zone.
- The MA200. This is what initiated the sideways trading of the past week. Very likely that traders see it as a profit taking level.
- The 0.0395 level is the first Support to keep an eye on. As long as it holds the sentiment is neutral within 0.0395 - 0.0490.
- The MA50 has been attracted the price action since October acting as a Pivot. Very likely to do so again.
- 0.03250 is the current Support on the 1D chart.
Projection:
We expect the 0.03950 short term Support to be tested and if broken make a run to the MA50 settling around 0.0355.
Levels to watch:
- The 0.0465 - 0.0490 Resistance Zone. The peak of the current uptrend was exactly in the middle of that zone.
- The MA200. This is what initiated the sideways trading of the past week. Very likely that traders see it as a profit taking level.
- The 0.0395 level is the first Support to keep an eye on. As long as it holds the sentiment is neutral within 0.0395 - 0.0490.
- The MA50 has been attracted the price action since October acting as a Pivot. Very likely to do so again.
- 0.03250 is the current Support on the 1D chart.
Projection:
We expect the 0.03950 short term Support to be tested and if broken make a run to the MA50 settling around 0.0355.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.