ADA/USD Long-term Trend –Ranging

Supply zone: $0.09000, $0.1000, $0.10500
Demand zone: $0.0600, $0.0300, $0.0001

ADA remains in a range-bound market in its long-term outlook. The strong bearish pressure was sustained within the week as ADA made a progressive journey to the lower demand area.

31st October saw ADAUSD dropped to $0.06754 in the demand after a bearish engulfing candle that earlier dropped the cryptocurrency $0.06870.

The close of the daily candle on 31st October as a bullish spinning top return the bulls. $0.07411 was the initial point the bullish pressure pushed ADAUSD. Increased bullish momentum saw the cryptocurrency up at $0.07771 in the supply area on 4th November.

Price is above the 10-EMA and the stochastic oscillator is at 48% with its signal pointing up. These imply upward price movement of the currency within the range in the long-term.

ADAUSD is in consolidation and trading between $0.09000 in the upper supply area and at $0.06900 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 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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