ADA/USD Long-term Trend– Ranging
- Supply zone: $0.1200, $0.1400, $0.1600
- Demand zone: $0.0500, $0.03000, $0.01000
ADA continues in a range-bound market in its long-term outlook. The lower demand area of the range at $0.07000 was broken on 25th April. With a further drop to $0.06586 with the daily candle closing below the broken area. The bulls returned subsequently and pushed the price back within the range to $0.07444 in the supply area below the 10-EMA.
The bearish spinning top of 28th April brought back the bears whose pressure on price led to a drop in price to $0.06566 with the break of the lower demand area of the range.
A repeat of the scenario that happens on 25th April may occur with the bulls pushing the price back into the range due to bearish exhaustion in the long-term.
ADA is ranging and trading between $0.1000 in the upper supply area and at $0.07000 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required before taking a position.
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