Solid News

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.



Find Us
First Floor, First St Vincent Bank LTD Building James Street Kingstown St Vincent and the Grenadines
Call Us
+1 415 367 3742


Solid ECN Securities is an international brand formed and authorized in Saint Vincent and the Grenadines with the registration number 1390 LLC 2021 committed to offering the best possible trading experience. Disclosure: Please note that foreign exchange and other leveraged trading involve a significant risk of loss. It is not fit for all investors and you should make sure you realize the risks involved, seeking independent advice if necessary.
Solid ECN Securities and it affiliates don't accept applications from Indonesia, Egypt, Australia, Bonaire, Curaçao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, South Sudan and other restricted countries.
Copyright All Right Reserved 2022 SolidECN.com