Cardano Long-Term Price Analysis- February 5
The bears are in control of the range in the long-term outlook.
Traders should be patient for a breakout or a breakdown before taking a position.
The strong bearish pressure continued within the range despite the push to $0.04143 in the supply area by the bulls on 31st January.
ADAUSD dropped to $0.03736 a break in the lower demand area but closed above the area.
The rejection at the 10-EMA against further upward price movement after the bulls pushed the cryptocurrency to $0.04012 on 3rd February and subsequent dropped in price to $0.03791 was an indication of bear dominance as confirmed by the stochastic oscillator in the oversold with it signal pointing down at 12%. ADAUSD is consolidation and trading between $0.05200 in the upper supply area and at $0.03800 in the lower demand area of the range.
A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries.
Hence patience is needed to allow this occurred before taking any back position.
Original cryptoglobe.com article by Azeez Mustapha reduced by 28%
Related story: Australian Study: Fintech Experts See Bitcoin Ending 2019 At $9,000
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