ADA/USD Long-term Trend –Ranging

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

ADA remains in a range-bound market in its long-term outlook. The trading week ended with an inverted hammer after ADAUSD rose to $0.04833 in the supply area with a close around the 10-EMA. The bears took over the market within range with a drop in the cryptocurrency price to $0.04205 in the demand area on 20th January as the new week began.

Sustained bearish pressure dropped ADAUSD to $0.04109 in the demand area on 22nd January. Price is below the two EMAs with the stochastic oscillator signal pointing up at %. This suggests upward movement in price in the days ahead as the cryptocurrency continues in the range.

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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