ADAUSD Long-term Trend -Bearish
Supply zone: $0.3000, $0.3200, $0.3400
Demand zone: $0.1500, $0.1000, $0.0500
The cryptocurrency continues in its bearish trend in long-term outlook. The bulls failure to break the $0.2500 supply area due to lack of momentum set the bears in the market and their pressure on price created a structure for the pair. The structure is M and this is about to complete the right leg.
This will be completed if the bears successfully pushed price down to $0.1700 in the demand area.
The bulls may stage a comeback at this demand area. If they were able to gather enough momentum, price may go back up to the supply area at $0.3000.
The second scenario is the bears increasing their momentum at $0.1700 demand area. This would mean a breakdown in this area and a new demand area at $0.1500 would be the bears' next target
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research