Cardano Price Analysis: ADA Trends of October 26–November 1, 2018

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Should Cardano price fall to the demand zone of $0.069, and the bulls defend this zone, ADA price will bounce to the north towards the supply zone of $0.080. ADA will resume its uptrend movement towards the supply zone of $0.088.

The continuation of uptrend movement was rejected by the bears’ strong momentum and the price was pushed to the demand zone of $0.075. ADA price started falling gradually and now it has broken down the demand zone of $0.075. It is now exposed to the demand zone of 0.069.

ADA continues in its bearish movement on the long-term outlook. ADA price started falling after the sudden increase that occurred on the October 15; the bulls enter the market with high momentum and pushed the pair to the north with the formation of massive bullish candle that broke the supply zones of $0.080 and $0.088 and exposed the supply zone of $0.094.

Should Cardano price fall to the demand zone of $0.069, and the bulls defend this zone, ADA price will bounce to the north towards the supply zone of $0.080. Traders may setup buy stops to initiate long trades.

The price is below 21-day EMA and the 50-day EMA which indicates that the price is falling.RSI is above 40-level pointing towards the south indicates that there are possibilities for further downward movement.

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