Supply zones: $0.0600, $0.06600, $0.06800
Demand zones: $0.02000, $0.01500, $0.01000

ADA is in a bearish trend in its medium-term outlook. The formation of a hammer at $0.03251 at the supply area on 9th December resumes the downward continuation. $0.02891 in the demand area was the point the bearish pressure dropped the cryptocurrency before the momentum was lost.

The bulls return for another set of upward movement which is a corrective move is currently on.

ADAUSD was up at $0.03093 in the supply area as the bullish momentum increases.
Price is above the 10-EMA and the stochastic oscillator signal points up at 40%. This is a reflection of the bullish pressure as price approaches the 23.6 fib level.

Price may retrace at 23.6 or 38.2 fib level after exhaustion from the bulls. The bears are still in control of the medium-term outlook and a return is most probable.

The cryptocurrency is in a bullish trend in its short-term outlook. The bulls returned that started with the bullish hammer was confirmed by the engulfing candle at $0.02951 as ADAUSD was up to $0.03034 before the end of yesterday session.

The bullish momentum was sustained after opening as the cryptocurrency continue to make an upward movement. $0.03140 was the initial high attained earlier in the day.

Price is above the two EMAs and the stochastic oscillator is in the overbought region at 80% with signal pointing up. This suggests an upward price movement in the short-term.

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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