Uptrend movement could be triggered in case the supply zone of $0.11 is broken; a clear break and weekly close above the supply zone of $0.11 would interrupt the bearish testing demand zone of $0.08 and the supply zone of $0.13 would be exposed.
Key Highlights:
- There may be upward movement next week;
- more bullish candles are formed on the 4H chart;
- traders are advised to trade along with the trend.
ADA/USD Price Long-term Trend: Bearish
Supply Zones: $0.11, $0.13, $0.17
Demand Zones: $0.08, $0.07, $0.06
The EMA 4-day still remains below the 50-day EMA and ADA/USD remains below the 4-day EMA. On the daily chart, more bearish candles are formed, which indicate the possibility of the downside breakout at the demand zone of $0.08. On the upside, a clear break and weekly close above the supply zone of $0.11 would interrupt the bearish testing demand zone of $0.08 and the supply zone of $0.13 would be exposed. The RSI 14 is at the oversold below 25-level pointing towards the north. There may be upward movement next week should the demand zone of $0.08 holds.
ADA/USD Medium-term Trend: Bearish
The price was below 4-day EMA and crossed 50-day EMA downside. At present, the price is returning towards the north with the formation of more bullish candles. The RSI 14 is below 20 level with the signal line pointing upwards. There is a probability for the coin to retest the demand zone of $0.08 before break out. Uptrend movement could be triggered in case the supply zone of $0.11 is broken. Traders are advised to take position along with the trend.
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