ADA/USD Long-term Trend –Ranging
Supply zone: $0.09000, $0.1000, $0.10500
Demand zone: $0.0600, $0.0300, $0.0001
ADA’s long-term outlook stays in a range-bound market. As ADA progressed towards a low demand area within the week, the strong bearish pressure continued.
ADA experienced a drop in demand to $0.06754 on October 31st after the cryptocurrency had earlier dropped to $0.06870 by a bearish engulfing candle.
The initial point where ADAUSD felt the push of the bullish pressure was at $0.07411.
Cardano (ADA) Price Today – ADA / USD
On November 4th, the cryptocurrency went up in the supply area at $0.07771 as a result of the rise in bullish momentum
Price is seen above the 10-EMA and the stochastic oscillator signal pointing up and at 48%. All these reveals a sign that in the long-term, the currency will experience an upward price movement within the range.
ADAUSD is in consolidation and in the upper supply area, trades between $0.09000 and at $0.06900 in the lower demand area of the range.
Before traders take a position, they are advised to patiently wait for either a breakdown at the lower demand area or a breakout at the upper supply area.