ADA/USD Long-term Trend –Bearish
• The long-term outlook is a bearish trend.
• $0.05000 in the demand area may be retested in the new week.
Supply zone: $0.1200, $0.1400, $0.1600
Demand zone: $0.05000, $0.03000, $0.01000
ADA is in a bearish trend in its long-term outlook. The bulls failed to sustain the momentum that the week was started with within the range after a push to $0.08901 on 8th July. The bearish spinning top formed after the doji was a signal that the bears are back in the market.
The bears’ strong pressure on the coin led to the break of the lower demand area of the range at $0.07000 on 10th July and a further drop in price to $0.06491.
The broken demand area now a supply area was retested as the coin rose to $0.07275 and later drop to $0.06031 in the demand area as the bears resume the journey down south.
The new week looks more of bears dominated as confirmed by the signal of the stochastic oscillator pointing down at 19% in the oversold region and price is below two EMAs.
$0.05000 in the demand area may be retested with increased bearish momentum as more candles open and closed below the two EMAs.
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