ADA/USD Long-term Trend –Ranging
- Supply zone: $0.0800, $0.1000, $0.1200
- Demand zone: $0.0100, $0.0080, $0.0060
ADA continues in a range-bound market in its long-term outlook. The formation of a bullish engulfing candle at $0.04330 on 9th March after the bearish spinning top of the previous day signalled the bullish takeover within the range.
ADAUSD rose to $0.04851 in the supply area as the high of the week as the price stands above the two EMAs.
The bullish momentum may be sustained within the range in the long-term as ADAUSD rose to $0.05027 in the supply area during yesterday’s session. The stochastic oscillator signal points up at 78% and the two EMAs are fanned apart which connotes strength in the context of the trend and in this case the uptrend.
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.
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