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ADAUSD, Technical Analysis

8/18/2022 4:23 PM

The ADA/USD pair is moving within a long-term downtrend, but since the middle of last month, it has attempted to grow, forming a short-term upward channel.

Currently, under the influence of the delay in the activation of the Vasil update and the publication of the latest minutes of the US Federal Reserve, which confirmed the regulator's determination to continue raising interest rates, the price has dropped to 0.5280 (the middle line of Bollinger bands, the lower limit of the ascending channel). Consolidation below this level will give the prospect of quotes returning to 0.4882 (Murrey [4/8], bottom line of Bollinger bands) and 0.4638 (Murrey [3/8]). The key "bullish" level is 0.5615 (Murrey [7/8]), which has been repeatedly tested this week, and consolidation above which will allow the trading instrument to rise to 0.5859 (Murrey [8/8]), 0.6103 (Murrey [+1 /eight]).

Technical indicators do not give a single signal: Bollinger bands are directed upwards, the MACD histogram is increasing in the positive zone, and Stochastic is directed downwards. The level of 0.5280 is quite strong, so the return of the price to the upward movement within the short-term upward channel seems to be a more likely scenario.

Resistance levels: 0.5615, 0.5859, 0.6103. | Support levels: 0.5280, 0.4882, 0.4638.

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