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 impact of the large bearish engulfing candle of 24th February remains till this trading week.
The new trading week opened bearish at $0.04351 with increased bearish momentum, ADAUSD was down to $0.03990 in the demand area late yesterday.
The stochastic oscillator signal points down at 12% in the oversold region while the price is below the two EMAs an indication of continued downward momentum in price within the range in the long-term.
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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