ADA/USD Long-term Trend –Ranging

  • Supply zone: $0.1200, $0.1400, $0.1600
  • Demand zone: $0.0500, $0.03000, $0.01000

Cardano’s ADA is in a range-bound rend in its long-term outlook. The bears kept on pushing the cryptocurrency’s price down, as predicted last week. The cryptocurrency closed the week at $0.07497 in the demand area.

Increased bearish momentum dropped ADA to $0.07761 around the 50-EMA as the new week began but lack the bears lacked the strength to keep moving the crypto’s price down.

Cardano, ADAUSDADA chart by TradingView

Moreover, the 50-EMA acted as support for the bulls’ return during yesterday’s trading session with the price being moved up from the $0.76 from that point on. ADA is currently trading between the $0.1 mark in the upper area of its range, and $0.07 in the lower area of its range.

Both a breakdown and a breakout are entirely possible, which means traders should be patient and wait for certainty before entering a position.

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