ADA/USD Long-term Trend –Ranging

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

ADA is in a range-bound market in its long-term outlook. The bulls returned after the doji formation of 15th December and push the cryptocurrency up to $0.03531 after breaking the strong resistance at the 10-EMA on 17th December.

Increased momentum led to another remarkable touch at the 50-EMA on 21st December as ADAUSD jumped to $0.04764 in the supply area. This was the high of the week as the cryptocurrency tries to recover from the bears' stronghold.

Price is above the 10-EMA but below the 50-EMA as bullish spinning top a reversal signal and exhaustion of the bullish momentum denoted by wicks occurred around the 50-EMA, it implies that a possible reversal may occur as the cryptocurrency enters the range in its long-term outlook.

ADAUSD is consolidation and trading between $0.0500 in the upper supply area and at $0.03300 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position 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 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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