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 bullish momentum was back at the beginning of the trading week. $0.04169 was the opening price of the daily candle of 17th February. The bullish pressure broke the two EMAs crossover yesterday as ADAUSD rose to $0.04825 in the supply area.
ADA chart by tradingview
ADAUSD is already up at $0.04954 in the supply area. The price is above the two EMAs the stochastic oscillator signal pointing up 85%. These suggest an upward price movement within the range.
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.