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