- The long-term remained in consolidation.
- The strong pressure by the bulls may lead to a breakout
ADA/USD Long-term Trend –Ranging
Supply zone: $0.1200, $0.1400, $0.1600
Demand zone: $0.0500, $0.03000, $0.01000
ADA is in a range-bound market in its long-term outlook. $0.1010 in the supply area was the high while $0.07812 in the demand area was the low of last week session within the range.
The new week opened at $0.09051 higher compared to last week opening at $0.08046 an indication of more bulls presence within the market.
With the stochastic oscillator signal pointing up at 62% and price above the two EMAs, the bulls may sustain the momentum to the upside within the range in the days ahead.
A break above the upper supply area may occur similar to 30th May, but the close of the candle above it may confirm the bullish trend in the long-term.
ADA is ranging and trading between $0.09500 in the upper supply area and at $0.065000 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required before taking a position.
The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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