ADA/USD Long-term Trend –Ranging

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

ADA stays in a range-bound market in its long-term outlook. $0.03800 at the lower demand area of the range was broken twice within the week but failed to close below the line.

The bulls gradually set in due to a retest of the area and made way up north.

The cryptocurrency was up at $0.04143 in the supply area but lost momentum and also got rejected at the 10-EMA on 31st January.

The bearish railroad formed on 31st January signaled the bears' comeback as they dropped ADAUSD to $0.03738 in the demand area on 1st February.

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.

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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