ADA/USD Long-term Trend –Bullish
Supply zone: $0.1600, $0.1800, $0.2000
Demand zone: $0.0600, $0.0300, $0.0001
ADA long-term outlook is a bullish trend. The formation of a bearish railroad on 24th September pushed the cryptocurrency down to $0.07353 in the demand area. Rejection to further downward movement due to loss of bullish momentum returned the bears as the candle closed as a bearish hammer on 25th September.
Increased bullish momentum led to ADA up $0.8934 in the supply area. This was above the 10-EMA. an indication of bullish pressure.
The stochastic oscillator is at 74% and its signal points up. This implies an upward price movement of the cryptocurrency as the bullish pressure becomes stronger in the long-term.
As more candles formed and closed above EMA, $0.1000 in the supply area may be the bulls’ initial target as the long-term outlook remains bullish.
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