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. $0.05146 in the supply area on 24th December was the high of the week the bulls pushed the cryptocurrency before exhaustion denoted by a wick as the daily candle closed a bullish inverted pinbar.

Although a breakout occurred above the upper supply area of the range but price dropped within the range as the bearish pressure broke the 10-EMA and took ADAUSD down to $0.03681in the demand area on 28th December.

The bullish railroad formation at the close of market on 28th December signal the bulls are now in control within the range with price already up at $0.04648 in the supply area on 29th December.

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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