ADA/USD Medium-term Trend: Bullish
Supply zones: $0.0600, $0.06600, $0.06800
Demand zones: $0.02000, $0.01500, $0.01000
ADA returns to a bullish trend in its medium-term outlook. The cryptocurrency is in an ascending channel as the bullish momentum is sustained. $0.04753 in the demand area was the point the bulls gradually return after the loss in bears pressure.
The engulfing candle at $0.04888 led ADAUSD at $0.05155 in the supply area before the end of yesterday session.
The 4-hour opening candle at $0.04952 sustained the bullish momentum as ADAUSD rose to $0.05152 shortly after opening.
The fourth touch on the upper line of the channel is imminent and this may result in a breakout to the upside. The stochastic oscillator signal points up at 65% which suggest upward momentum in price in the medium-term.
ADA/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. ADAUSD is forming higher highs and higher lows which is synonymous with up trending market in the short-term outlook.
The formation of a bullish engulfing candle shortly after opening at $0.04962 further gave the bull full control of the market.
The stochastic oscillator is in the overbought region at 84% and it signal points up which implies upward momentum in price of the cryptocurrency in the short-term.