ADA/USD Long-term Trend –Ranging
- Supply zone: $0.0600, $0.0800, $0.1000
- Demand zone: $0.0100, $0.0080, $0.0060
ADA remains in a range-bound market in its long-term outlook. The bullish momentum was lost within the range at $0.04998 in the supply area as indicated by wicks in the daily candle. $0.05050 in the supply area was the high while $0.04108 in the demand area was the low of the cryptocurrency before the end of the week.
Although the new week started on a bullish note at $0.04962 on 24th February, ADAUSD rose to $0.05156 in the supply area but lacked the necessary pressure for upward continuation. The bears returned and dropped ADAUSD to $0.04197 in the demand area.
The stochastic oscillator signal points down at 33% and the price is below the 10-EMA. It implies that the bears may continue the downward journey in the long-term 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 occurred before taking any position.
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