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 bullish momentum was back at the beginning of the trading week. $0.04169 was the opening price of the daily candle of 17th February. The bullish pressure broke the two EMAs crossover yesterday as ADAUSD rose to $0.04825 in the supply area.
ADAUSD is already up at $0.04954 in the supply area. The price is above the two EMAs the stochastic oscillator signal pointing up 85%. These suggest an upward price movement within the range.
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 position.
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