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 pressure was sustained within the range as predicted in the last article with the breaking of the upper supply area at $0.05200.

ADAUSD rose to a high of $0.05408 in the supply area. The breakout was a fakeout as the bullish momentum was lost and the bears gradually took control of the market.

Cardano, ADAUSDADA chart by TradingView

The new trading week started on a bearish note forming a bearish railroad on 17th March with ADAUSD down to $0.04970 in the demand area.

The stochastic oscillator signal points down at 74% an indication of downward momentum within the range with the bears’ target at $0.03800 in the lower demand area.  

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.


The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.