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 is in a bearish trend. The bearish pressure was strong as $0.1582 in the lower range of last week analysis was nicely broken. Price went further down to $0.1216 in the demand area.
Price is below the two EMAs and lower highs and lower lows formation are seen as the bears increased their momentum south. The 10-day EMA was a strong resistance against bullish upward movement and will surely continue this in the future.
The two EMAs area fanned apart which implies strength in the context of the trend and the downtrend prevails in this scenario.
The stochastic oscillator is at 38 percent and its signal is pointing up. This means upward momentum due to the bulls’ pullback which is necessary for the market correction before bearish trend continuation.
The bears' pressure may continue to be strong with more bearish candles formed and closes below the EMAs. $0.1180 in the demand area may be attained in the long-term.
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