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ADAUSD, Technical Analysis

11/3/2022 2:04 PM

The ADA/USD pair is moving within the medium-term downward channel.

This week, the price tested the upper limit of the range, having risen to the area of ​​0.4360 but failed to consolidate on the achieved positions and resumed its decline. Currently, the quotes are close to the middle line of Bollinger bands around 0.3760, the breakdown of which will give the prospect of further weakening to 0.3360 (the area of ​​October lows) and 0.2930 (Murrey [8/8]). The key “bullish” region is the resistance zone 0.4150–0.4230 (Murrey [5/8], Fibonacci correction 38.2%). If it consolidates above it, the asset will leave the downward channel and can rise to 0.4638 (Murrey [7/8]) and 0.4882 (Murrey [8/8]).

Technical indicators do not give a single signal: Bollinger bands are horizontal, Stochastic is pointing downwards, and the MACD is stable in the negative zone.

Resistance levels: 0.4230, 0.4638, 0.4882. | Support levels: 0.3760, 0.3360, 0.2930.

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