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ADAUSD, Murray Analysis

3/2/2023 2:26 PM

This week, the ADA/USD pair continues to correct downwards from the area of 0.4000 (Fibo retracement of 50.0%), and currently the price is close to 0.3418 (Murray level [6/8]), the breakdown of which will give the prospect of a downward movement to the levels of 0.3170 (Murray level [6/8], Fibo retracement of 23.6%) and 0.2929 (Murray level [4/8]). The key for the "bulls" is the middle line of the Bollinger Bands in the area of 0.3760, when consolidated above which the cryptocurrency quotes can resume growth to the area of 0.4150 (Murray level [+1/8], upper line of the Bollinger Bands) and 0.4395 (Murray level [+2/8], Fibo retracement 61.8%).

At the moment, there are attempts to change the short-term upward trend, as indicated by technical indicators: the Bollinger Bands and the Stochastic are reversing downwards, the MACD histogram has moved into the negative zone.

Resistance levels: 0.3760, 0.4150, 0.4395. | Support levels: 0.3418, 0.3173, 0.2929.

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