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ADAUSD, Murrey Analysis

11/24/2022 2:45 PM

The ADA/USD pair continues to trade within the medium-term downward channel, where it returned at the beginning of this month: at the weekend, the price reached the year’s lows around 0.2945 but is currently trying to restore positions. However, the upside potential is limited by strong resistance 0.3418 (Murrey level [2/8], the middle line of Bollinger bands, the upper border of the downwards channel).

In general, the downward trend in the market continues, which is signaled by a downward reversal of Stochastic and stabilization of the MACD histogram in the negative zone. Under these conditions, the key “bearish” level is 0.2929 (Murrey level [0/8]). The consolidation below it allows a decline to 0.2685 (Murrey level [−1/8]) and 0.2441 (Murrey level [−2/8]). In general, the resumption of the cryptocurrency decline soon seems more likely.

Resistance levels: 0.3173, 0.3418. | Support levels: 0.2929, 0.2685, 0.2441.

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