ADA/USD Long-term Trend –Bearish
Supply zone: $0.2000, $0.2200, $0.2400
Demand zone: $0.1000, $0.0500, $0.0001
ADA long-term outlook continues in a bearish trend. The bears kept price journey to the south stronger as the cryptocurrency made a new low last week at $0.1051 in the demand area.
The bullish momentum was absent that should have move price up after the formation of a bullish railroad at the beginning of last week. $0.1364 in the supply area was the limit the bulls could get the coin to before the bears returned and pushed price down.
Price is still below the two EMAs and the EMAs area fanned apart which implies strength in the context of the trend and in this case the downtrend. This may continue in the long term as the bears' pressure increases.
The stochastic oscillator is in the oversold region at 10% and its signal is pointing down. This implies downward momentum in price of the cryptocurrency is obvious.
The bears' broke the demand zone on 8th August and retested it and the same happened on 11th August. It, therefore, suggests that the downward move may continue in the long-term.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.