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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 bulls are staging a strong comeback since the new year with a break in the two EMAs as ADAUSD rose to $0.04749 in the supply area on 2nd January.
Minor drawdown to $0.04285 in the demand area after the bearish railroad formation of 3rd January saw rejection to further downward movement at the 10-EMA as the bulls return.
The new week open bullish at $0.04565 an indication of a continuous journey to the upper price range in the week ahead.
ADAUSD is in consolidation and trading between $0.05200 in the upper supply area and at $0.03300 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position 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 BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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