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ADAUSD, Technical Analysis

11/17/2022 2:51 PM

The ADA/USD pair continues to trade within the medium-term downward channel, where it returned last week. The positions of the ADA token, like other leading digital assets, are under pressure after the bankruptcy of the FTX cryptocurrency exchange caused by the misuse of customer funds.

At present, the price of the trading instrument is close to 0.3173 (Murrey [1/8]), the breakdown of which will give the prospect of further decline to 0.2929 (Murrey [0/8]), 0.2685 (Murrey [−1/8]). The key “bullish” level is 0.3662 (the middle line of Bollinger bands, Fibonacci correction 23.6%, Murrey [3/8], the upper limit of the downwards channel). If it consolidates above it, the quotes will again leave the downward channel and will be able to strengthen up to 0.4120 (Fibonacci retracement 38.2%, Murrey [5/8]) and 0.4395 (Fibonacci retracement 50.0%, Murrey [6/8]).

The downward trend in the market continues, signaled by a downward reversal of Bollinger bands and an increase in the MACD histogram in the negative zone. Stochastic is currently directed horizontally.

Resistance levels: 0.3662, 0.4120, 0.4395. | Support levels: 0.3173, 0.2929, 0.2685.

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