ADA/USD Long-term Trend –Ranging
Supply zone: $0.0600, $0.0800, $0.1000 Demand zone: $0.0100, $0.0080, $0.0060
ADA remains in a range-bound market in its long-term outlook. The bullish pressure did prevail within the range in the week with the breakout at the upper price range. 9th January saw ADAUSD up at $0.05477 in the supply area with a close above the broken area. The bears stage a strong comeback at $0.05610 in the supply area on 10th January with a large bearish engulfing candle as ADAUSD dropped to $0.04291 within the range.
Price is below the two EMA crossover with the stochastic oscillator signal pointing down at 33% an indication of downward momentum in price of the cryptocurrency in the long-term
ADAUSD is 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 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 occurred before taking any position.
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