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. The momentum to the downside was sustained within the range in the past week as predicted with ADAUSD making at of $0.04107 in the demand area.
Correction to the downward saw price up at $0.04500 in the supply area as the bulls staged a brief return.
Resistance to upward movement is seen around the 10-EMA after bullish exhaustion. The new trading week opened on a bearish note at $0.04317 an indication of continued bears dominance within the range in the long-term and possibility of a breakdown.
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 to occur before taking any back position.
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