ADA/USD Medium-term Trend: Ranging
Supply zones: $0.1150, $0.1250, $0.1350
Demand zones: $0.0500, $0.0450, $0.0400
ADA remains in a range-bound in its medium-term outlook. The strong bearish pressure from $0.08695 in the opening of 9th October maintained the downward movement till $0.08324 in the demand area on 10th of October as the momentum gradually reduces.
The formation of a bullish spinning top at $0.08424 confirms the bull returns. ADA upward up $0.08527 in the supply area. this is an indication that ADA upward movement with the range may have started.
Price is above the 50 EMAs and the stochastic oscillator is in the oversold region at 21%. It signals is up which imply upward price movement in the medium term.
ADA is in consolidation and trading between $0.08993 in the upper supply area and at $0.07899 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area before taking a position.
ADA/USD Short-term Trend: Bullish
The cryptocurrency returns to a bullish trend its short-term outlook. The strong bearish pressure pushed price down to $0.08324 in the demand area. This was at the 61.8 fib level, a trend reversal zone.
The bullish railroad in this zone further confirms the bulls return. Price has been making a progressive journey up north. $0.08526 in the supply area was tested as the bull’s momentum gradually increases.
Price sits above the 10 EMA and the stochastic oscillator is at 65% and it signals points up. This connotes upward price movement in the short-term. New high may be attained before end of trading session.
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