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. Exhaustion of the bearish momentum was noticed at $0.04005 in the demand area on 13th January. The bullish railroad formation after the end of trading on 14th January confirms the bulls takeover of the market within the range.

ADAUSD rose to a high of the week at $0.04833 in the supply area on 19th January as bulls maintained their hold of the market pushing price above the 10-EMA.

The bulls may continue to dominate the range in the new trading week with the signal of the stochastic oscillator pointing up which implies upward momentum in price.

ADAUSD is in 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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