ADA/USD Long-term Trend –Ranging

• The long-term outlook remains in a range-bound market.
• The bears may prevail briefly before the bulls stage returned within the range.

Supply zone: $0.1200, $0.1400, $0.1600
Demand zone: $0.0500, $0.03000, $0.01000

ADA continues in a range-bound market in its long-term outlook. The downward momentum predicted in the last article did occur. The week opened on a bearish note at $0.08959 on 30th June with a large bearish candle that broke the two EMAs.

ADAUSD fell initially to $0.07786 and later to $0.06999 in the demand area. This became the low of the week with the candle closing with a long wick on 2nd July, an indication of exhaustion within the range

The bulls manage to push the coin up to $0.08934 above the two EMAs on 3rd July but failed to sustained the momentum as price dropped to $0.07336 due to the bears' activities.

Price is below the two EMAs and the stochastic oscillator signal points down at 15% in the oversold region, an indication further downward momentum in price within the range in the days ahead.

ADA is ranging and trading between $0.01000 in the upper supply area and at $0.07000 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.