ADA/USD Long-term Trend –Bullish

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

ADA returns to a bullish trend in its long-term outlook. The strong bearish pressure was gradually weakening after the formation of a bearish spinning top on 25th November when ADAUSD was down to $0.03306 in the demand  area.

Each bullish push was rejected by the 10-EMA and this led to the formation of two additional dojis as bears pushed price back to the demand area which implies a strong support zone  for the bulls to stage a return. On 28th November the bulls full control of the market was confirmed with a large engulfing candle at $0.03700 and ADAUSD was up $0.04501 in the supply area.

ADA has already got a higher high at $0.04501 and lower low at $0.03713. This type of higher highs and lower lows formation is synonymous to an up trending market. Coupled with a bullish railroad that is ending this trading week, it is obvious that new highs and lows may be formed as the bullish pressure becomes much stronger in the coming week.

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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