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ADA/USD Medium-term Trend: Bearish
Supply zones: $0.08600, $0.08800, $0.09000
Demand zones: $0.06400, $0.06200, $0.06000
ADA is in a bearish trend in its medium-term outlook. The loss of bullish pressure to continue the upward price movement after the bullish candle at $0.07631 on 12th November that pushed the cryptocurrency to $0.07800 in the supply area return the bears.
The cryptocurrency has been making lower low with $0.07644 and $0.07395 in the demand area on 12th and 13th November respectively.
Today’s 4-hour opening candle $0.07460 was bearish with ADAUSD already down to $0.07388 in the demand area.
The cryptocurrency is in a downward channel Price has touched the upper line of the channel and a bounce did result with the bears on a journey to the lower line of the channel.
The stochastic oscillator is in the oversold region at10% with its signal pointing down which suggests a further downward momentum expected to push ADAUSD to $0.06910 in the demand area in the medium-term.
ADA/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. Rejection of upward price movement occurred when price enters the critical supply area. This started on 11th November and with the bears staging a comeback at the pushing the cryptocurrency to the demand area.
The bearish pressure was strong yesterday as ADAUSD went down to $0.07408 in the demand area after the bulls pushed price into the critical area at $0.07723.
Despite a bullish 1-hour opening candle at $0.07436 the bears still pushed ADAUSD to $0.07395 in the demand area earlier today.
Price is below the two EMAs crossover and the stochastic oscillator at 9% in the oversold region with its signal pointing down. Which suggest a downward price movement in the short-term.
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