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ADAUSD, Technical Analysis

12/15/2022 2:12 PM

The ADA/USD pair is moving within the medium-term downward channel, although since the middle of last month, the price has entered the sideways range of 0.3173–0.2929 (Murrey level [5/8]–[4/8]). At present, the quotes are close to its lower border, consolidation below, which will give the prospect of weakening to 0.2441 (Murrey level [2/8]) and 0.2197 (Murrey level [1/8]). The breakout of 0.3173 and the middle line of Bollinger bands can cause an increase to 0.3418 (Murrey level [6/8]) and 0.3660 (Murrey level [7/8], Fibonacci correction 23.6%, the upper limit of the downwards channel).

Technical indicators remain uncertain, allowing for further sideways price movement in the short term: Bollinger bands are horizontal, the MACD histogram is stable in the negative zone, and only Stochastic attempts to reverse downwards. It is worth entering the market after the price surpasses the current sideways range.

Resistance levels: 0.3173, 0.3418, 0.3660. | Support levels: 0.2929, 0.2441, 0.2197.

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