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 bulls continue to exercise control within the range from the new year after the bullish railroad formation. An initial high of $0.04749 in the supply area was attained on 2nd January while 6th January saw ADAUSD up at $0.05268 above the upper price range but closes below it at the end of the day trading session.
The price is above the two EMA crossover with the stochastic oscillator signal pointing up at 63% an indication of upward momentum in price. It suggests that the bullish pressure may prevail within the range in the long-term as price approaches the upper supply area for the fourth touch and probably for a breakout.
ADAUSD is consolidation and trading between $0.05200 in the upper supply area and at $0.03300 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position 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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