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 bulls stage a comeback at $0.04006 in the demand area shortly after the bullish railroad formation after the brief loss of the strong bears' pressure. The cryptocurrency rose to $0.04337 before the end of yesterday session with a touch at the 10-EMA.

The 4-hour opening candle at $0.04292 was bullish spinning top expectedly to push ADUSD further up. The reverse was the case as the bears return after at $0.04444 in the supply area with the formation of a bearish tweezers top.

The head and shoulder pattern is seen formed in the medium-term with the right shoulder developing. The bears are set to dump price at $0.03500 in the demand area in the medium-term.

Price is below the 10-EMA and set to drop below the 50-EMA as the bears' pressure becomes stronger in the medium term. The stochastic oscillator is at 25% and its signal points down an indication of downward price movement.

The cryptocurrency is in a bearish trend in its short-term outlook. The temporarily suspended bears' pressure resumed at $0.04440 in the supply area after the bearish railroad formation.

This was also at the 38.2 fib a trend continuation zone, which provides a strong confluence for the bears' takeover in the short-term.

ADAUSD is currently down to $0.04089 in the demand area with stronger indications that the movement may continue. As price stays below the two EMAs and the stochastic oscillator signal points down in the oversold region at 15%. These imply further downward movement in price of the cryptocurrency.

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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