- The bears are currently in control of the market within the range.
- Traders may consider selling with bearish candle reversal pattern as confirmation as consolidation persist.
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 bullish momentum that started the week led to a breakout at the upper supply area twice, on 2nd and 3rd June. ADAUSD rose to $0.09913 in the supply area but closed with wicks an indication of bullish exhaustion.
The large engulfing bearish candle at $0.09649 returned the cryptocurrency back in the range as price fell to $0.08522 in the demand area. Increased bearish momentum pushed price further down to $0.07686 as the obvious low of the week.
The journey down to the lower demand area of the range may be sustained in the days ahead with price below the10-EMA and the stochastic oscillator signal pointing down at 36% suggesting downward momentum in price in the long-term.
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.
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