2018-12-16 06:38 |
ADA/USD Long-term Trend –Bearish
Supply zone: $0.0500, $0.0700, $0.0900
Demand zone: $0.0100, $0.0080, $0.0060
ADA remains in a bearish trend in its long-term outlook. The bears remain in control of the cryptocurrency outlook as it ended the week at $0.02781 in the demand area. This was lower compared to last week price when it closed at $0.02828 on 8th December.
This shows that the journey down south was not ended despite the brief pullback experienced within the trading days last week.
The doji candle that ends the week was an indication of a reversal signal and bullish pullback may possibly occur in the days ahead. this may face rejection and exhaustion at the 10-EMA, a strong resistance area.
Price is still below the two EMAs with the EMAs fanned apart which connotes strength in the context of the trend and in this case the downtrend. The stochastic oscillator is in the oversold region at 11% with its signal pointing downward which suggests further downward momentum in price of the cryptocurrency in the long-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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