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ADAUSD, Technical Analysis

2/2/2023 2:33 PM

The ADA/USD pair has been growing as part of the general market uptrend since the beginning of the year, but this week the dynamics of the movement were ambiguous: the price corrected to 0.3660 (Fibonacci correction 38.2%, the middle line of Bollinger bands, the Murrey level [7/8]) but then resumed growth and after the meeting of the US Federal Reserve finally won back the losses. Now the quotes are testing 0.4000 (Fibonacci correction 50.0%), consolidation above which will give the prospect of further strengthening to 0.4394 (Fibonacci correction 61.8% Murrey level [+2/8]). The key “bearish” level is 0.3660, a breakdown of which could trigger a correction to 0.3418 (Murrey level [6/8]) and 0.3173 (Murrey level [5/8], Fibonacci 23.6% retracement).

Technical indicators reflect that the uptrend is continuing: Bollinger bands and Stochastic are directed upwards, while the MACD histogram is stable in the positive zone.

Resistance levels: 0.4000, 0.4394. | Support levels: 0.3660, 0.3418, 0.3173.

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