- The long-term outlook is in a range-bound market.
- Traders should be patient for a defined trend before taking a position.
ADA/USD Long-term Trend –Ranging
Supply zone: $0.1200, $0.1400, $0.1600
Demand zone: $0.0500, $0.03000, $0.01000
ADA remains in a range-bound market in its long-term outlook. The journey down the lower price range could not be sustained as the bears lost momentum at $0.09625 in the demand area despite a breakdown at the two EMAs within the range.
The large bullish candle of 10th June returned the bulls back to the market as price breaks out of the two EMAs.
The momentum to the upside was sustained with another large candle as ADAUSD rose $0.09916 in breaking out of the range on 11th June but closed with the bears taking over as the cryptocurrency fell to $0.08803 in the range on 14th June.
ADA is ranging and trading between $0.09500 in the upper supply area and at $0.065000 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.