ADA/USD Long-term Trend –Bearish
- Supply zone: $0.0600, $0.0800, $0.1000
- Demand zone: $0.0100, $0.0080, $0.0060
ADA is in a bearish trend in its long-term outlook. The bearish pressure from $0.03226 in the supply area was lost after ADUSD dropped to $0.02781 in the demand area on 15th December as the daily candled closed as a doji.
The progressive journey by the bulls was initially rejected at $0.03068 in the supply area by the 10-EMA but increased momentum led to a breakout as ADAUSD rose to $0.02781 in the supply area.
The price is within the 38.2 fib level a trend continuation zone. The implication is that the bears may resume the downward journey as signaled by the wicks in the daily candle of 17th December which connotes bullish exhaustion.
Traders may look out for an impulsive bearish candle on the 4-hour timeframe as a strong confirmation for entries as the bears continue the journey down south.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.