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