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ADAUSD, Murray Analysis

2/16/2023 2:41 PM

This week, the ADA/USD pair resumed growth, recouping losses incurred earlier: the price reversed around 0.3418 (Murray level [6/8]) and is now testing the 0.4150 mark (Murray level [+1/8]), consolidation above which will be a catalyst for continuing movement to the 0.4395 level (Murray level [+2/8], Fibo retracement 61.8%). The key for the "bears" is the middle line of the Bollinger Bands in the area of 0.3810, if held below which the cryptocurrency can fall to the levels of 0.3418 (Murray level [6/8]) and 0.3173 (Murray level [5/8], Fibo retracement 23.6%).

Technical indicators do not give a single signal: the Bollinger Bands reverse horizontally, the MACD histogram increases in the positive zone, but the Stochastic has reached the overbought zone, which may contribute to a new reversal to the downward movement.   

Resistance levels: 0.4150, 0.4395. | Support levels: 0.3810, 0.3418, 0.3173.

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