ADA/USD Long-term Trend-Bullish
Supply zone: $0.09000, $0.1000, $0.10500
Demand zone: $0.0600, $0.0300, $0.0001
ADA is in a bullish trend in its long-term outlook. The doji that was formed on 30th October in the critical demand area after an impressive bear run when ADAUSD was at $0.09119 in the supply area on 15th signalled a trend change. The bulls did return and gradually took over. Initial confirmation of this was on 2nd November with the break of the 10-EMA and ADAUSD was up at $0.07411 in the supply area. The second confirmation occurred on 4th November with a large bullish engulfing candle that pushed ADAUSD up to $0.07907 in the supply area.
5th November saw ADAUSD made a daily high at $0.07976 in the supply area candle and a low of $0.07452 in the demand area. This was higher than the previous day. This is a reflection of an up trending market with the formation of higher high and higher low.
Today, the daily candle opened at $0.07680 and with increased bullish momentum price was up at $0.07932 in the supply area.
The price is above the 10-day EMA and the stochastic oscillator is at 48% with its signal pointing up. These suggest an upward price movement in the long-term as the bullish pressure becomes much stronger and a break of the 50-day EMA that may occur paving the way for a possible retest of the $0.09000 in the supply area.
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