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ADAUSD, Murray Analysis

12/8/2022 2:27 PM

The ADA/USD pair continues to trade within the mid-term descending channel.

This week, the price reached its upper limit, after which it resumed its decline, however, for its serious development, quotes will have to overcome the level of 0.2929 (Murray level [4/8], the area of November lows). In this case, the price will be able to reach 0.2685 (Murray level [-1/8]), 0.2441 (Murray level [-2/8]). The key for the "bulls" remains the level of 0.3418 (Murray level [2/8]), in case of its breakout, the price will leave the descending channel and will be able to rise to the area of 0.3906 (Murray level [4/8], Fibo retracement 38.2%), 0.4394 (Murray level [6/8], Fibo retracement 50.0%).

Technical indicators signal the continuation of the downward trend: the Bollinger Bands and the Stochastic are reversing downwards, the MACD histogram is increasing in the negative zone.


Resistance levels: 0.3418, 0.3906, 0.4394. | Support levels: 0.2929, 0.2685, 0.2441.

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