ADA/USD Long-term Trend –Ranging

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

ADA continues in a range-bound market in its long-term outlook. The lower demand area at $0.03800 of the range was broken due to the bear pressure on 6th February. The cryptocurrency went further down as $0.03592 in the demand area.

With the formation of a gravestone doji in the context of a downtrend on 7th February implies the bulls gradual returned.

A large bullish engulfing candle returned the cryptocurrency back into the range and up at $0.04343 in the supply area. Momentum to the upside may continue in the day ahead as confirmed by the signal of the stochastic oscillator pointing up at 61%.

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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