- The long-term outlook is in consolidation
- The bears’ pressure on price remained strong within the range.
- Supply zone: $0.1200, $0.1400, $0.1600
- Demand zone: $0.0500, $0.03000, $0.01000
ADA is in a range-bound market in its long-term outlook. The strong bullish momentum that started the month was lost on 3rd April. The formation of an inverted hammer returned the bears whose pressure dropped the price to $0.07592 in the demand area on 11th April.
Despite the week starting on a bullish note at $0.08365 on 14th April, the bears’ strong pressure was evident with ADA further down to $0.07968 in the demand area as the cryptocurrency consolidates.
With the price below the 10-EMA and the stochastic oscillator signal pointing down at 40%, these suggest downward momentum in the price of the cryptocurrency on the long-term within the range.
ADA is ranging and trading between $0.1000 in the upper supply area and at $0.07000 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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