ADA/USD Long-term Trend –Bearish
Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060
ADA remains in a bearish trend in its long-term outlook. The bears continued the journey down south in grand style with the break of the lowest low of 12th September at $0.06010. 19th November saw the break with a large bearish candle as the coin dropped to $0.04889 and close the week at $0.03594 in the demand area.
Price currently is below the two EMAs and the EMAs are fanned apart which connotes strength in the context of the downtrend. The stochastic oscillator is in the oversold region at 8% and its signal points down which implies downward momentum.
The breakdown on 13th August from the low of 13th June gave a pip count of 5,247 to the downside. By measured move, the same breakdown on 19th November denoted by BREAK B may give the same pip count to the downside.
$0.01400 in the demand area may be attained as the bears sustained the strong pressure to the downside in the long-term.
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