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ADAUSD, Murrey Analysis

8/11/2022 4:22 PM

The ADA/USD pair continues to trade within a long-term downtrend, but since the middle of last month, the quotes have attempted to grow, forming a short-term upward channel.

Currently, the price of the cryptocurrency is again testing 0.5371 (Murrey [3/8]), which is seen as a key “bullish” level and can act as a driver for movement to 0.5859 (Murrey [4/8]) and 0.6100 (Fibonacci correction 23.6 %). Otherwise, a new decline is possible, but at the moment, the middle line of Bollinger bands and the lower border of the rising channel around 0.5100 prevents the scenario. The resumption of the downward dynamics will be implemented after the breakdown of the zone 0.5100–0.4882. In this case, the targets will be 0.4345 (Murrey [1/8]) or 0.4170 (the area of ​​June lows).

Technical indicators allow continuation of the uptrend: Bollinger bands reverse upwards, MACD histogram is increasing in the positive zone, and Stochastic reverses downwards, which does not exclude a downward movement but its potential looks limited.

Resistance levels: 0.5371, 0.5859, 0.6100. | Support levels: 0.5100, 0.4882, 0.4395, 0.4170.

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