Supply zones: $0.08600, $0.08800, $0.09000
Demand zones: $0.07000, $0.06800, $0.06600

ADA remains in a range-bound market in its medium-term outlook. The strong bullish pressure from $0.07450 in the demand area of 15th October after the drawdown has been consistent.

ADAUSD made a high of $0.07901 in the supply area during yesterday session. Further upward price rejection was seen at the 50 EMA. Minor drawdown due to the bears' pressure dropped the cryptocurrency at $0.07629 in the demand area before the end of yesterday session.

The 4-hour opening candle at $0.07774 was bullish and ADAUSD was up $0.07976 in the supply area earlier today as the cryptocurrency continues in the range. Price is above the two EMAs and the stochastic oscillator is at 38% with its signal pointing up which implies upward price movement within the range may occur due to increased bullish momentum.

ADA is in consolidation and trading between $0.08000 in the upper supply area and at $0.07000 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area before taking a position.

The cryptocurrency is in a bullish trend its short-term outlook. Price has remained above the 10 EMA over the past 48 hours, an indication of the bulls holding their ground.

Although the 1-hour opening candle at $0.07829 was bearish the bullish momentum was intact as ADAUSD up to $0.07975 in the supply area earlier today.

The stochastic oscillator is in the oversold region at 79%. It signals is up which imply upward movement in the short-term may likely occur.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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