The market direction of the ADA/USD is not yet decided; the price seems trapped at the key level. It is appearing that the market may favor sellers, and they may likely drag the price down towards the significant demand zone at $0.028.
However, the buyers, on the other hand, have been well-positioned to breakout the barrier to the upside and drag the price to the next supply zone at $0.11.
ADA/USD Current Statistics
Market price: $0.062
Market Capitalization: $1,604,671,735
Trading Volume: $51,223,404
Major Supply zones: $0.08, $0.1, $0.25
Major demand zones: $0.05, $0.02, $0.01
Cardano Price Analysis
The probability of the market price to go down one more step is very high, the sellers are still very much more than the buyers in this market, and they may use their fighting force to get what they wanted from the market.
The next major demand zone is located at $0.028, and that might be the next focus for the bears. On the other hand, if the buyers are attempting to clamp the current market barrier at the moment and if they succeeded in doing this, we might likely see the price trending up to the next supply zone towards $0.11.
Chart Indicators Reading
The chart indicators are also not giving a clear direction for where the price might choose to go. However, there are many more elements of the trading tools reacting and suggesting for downward movement than upward movement, and if this is valid, we may, therefore, see the price trading downward.
General Outlook for ADA/USD
For now, it would be okay to either stay away from Cardano market or stay bearish, because the sellers are much more than the buyers. Please note that the direction of the market is not very clear at the moment, and it would be excellent to allow the market to take shape before we can invest in it.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.