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ADA/USD Medium-term Trend: Ranging
Supply zones: $0.0600, $0.06600, $0.06800
Demand zones: $0.02000, $0.01500, $0.01000
ADA returns to a range-bound market in its medium-term outlook. The formation of a long-tailed bullish doji shortly after yesterday opening session implied bears exhaustion at $0.04109 in the demand area. This returned the bulls as the cryptocurrency rose to $0.04506 in the supply area before the end of the session.
The 4-hour opening candle at $0.04414 though bullish could not sustain the momentum as the bears dropped price down to $0.04358 in the demand area as the cryptocurrency ranges.
ADAUSD is consolidation and trading between $0.04699in the upper supply area and at $0.04262 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 back position.
ADA/USD Short-term Trend: Bearish
The cryptocurrency is in a bearish trend in its short-term outlook. The two times rejection of the bullish pressure at $0.04493 in the supply area resulted in the formation of a double top. ADAUSD nose dive to $0.04367 in the demand area.
Price is below the 10-EMA and the stochastic oscillator points down at 59%. These suggest downward momentum in price in the short-term.
$0.04200 in the demand area remains a target to the bears as more candle formed and closed below the EMA.
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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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.