ADA/USD Long-term Trend –Ranging

Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060

ADA remains in a range-bound market in its long-term outlook. The bullish pressure did prevail within the range in the week with the breakout at the upper price range. 9th January saw ADAUSD up at $0.05477 in the supply area with a close above the broken area. The bears stage a strong comeback at $0.05610 in the supply area on 10th January with a large bearish engulfing candle as ADAUSD dropped to $0.04291 within the range.

Price is below the two EMA crossover with the stochastic oscillator signal pointing down at 33% an indication of downward momentum in price of the cryptocurrency in the long-term

ADAUSD is consolidation and trading between $0.05200 in the upper supply area and at $0.03300 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 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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