ADA/USD Long-term Trend –Bullish
Supply zone: $0.1600, $0.1800, $0.2000
Demand zone: $0.0600, $0.0300, $0.0001
ADA long-term outlook is a bullish trend. The strong bearish pressure resulted in a retest of the target at $0.07821. Price went further down to $0.06220 in the demand area and lost momentum. The bulls gradually returned as the bullish railroad was formed.
The bullish pressure was strong with ADA at $0.08434 above the 10 EMA. This was a breakout from the upper line of the descending channel. The increased bullish momentum was sustained after a retest of the line and the cryptocurrency was up $0.09425 in the supply area on 23rd September.
The stochastic oscillator is in the overbought region at 81% and its signal points. This implies an upward price movement of the cryptocurrency as the bullish pressure becomes stronger in the long-term.
$0.1050 in the supply area may be the bulls’ initial target as this is a weekly resistance area. A breakout from this area will put $0.1200 on the card.
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