ADA/USD Long-term Trend –Ranging
Supply zone: $0.1600, $0.1800, $0.2000
Demand zone: $0.0600, $0.0300, $0.0001
ADA long-term outlook continues in ranging scenario. The formation of a bullish spinning top on 24th August returned the bull as bearish exhaustion was seen in previous candles with wicks.
The increased bullish momentum pushed the cryptocurrency up to $0.1097 in the supply area on 29th August.
A bearish doji returned the bears and price was down to $0.09591 in the demand area o 30th August. This was a pullback necessary for the market correction to validate the bullish continuation within the range.
Price is above the 10-day EMA with the stochastic oscillator at 67% and its signal pointing up. These imply upward movement in the price of the cryptocurrency within the range as the bullish pressures increase
ADA continues in consolidation and trading between $0.1133 in the upper supply area and at $0.08540 in the lower demand area of the range. Patience will be a good strategy to adopt as the coin ranges to allow for a breakout or breakdown before taking a position.
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