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ADAUSD Technical Analysis

3/16/2023 2:22 PM

Since mid-February, the ADA/USD pair has continued to trade within the downward trend: last week, quotes reached three-month lows around 0.2945, after which they attempted to recover against the backdrop of the American banking crisis and the possible departure of the US Fed from the policy of a sharp increase in interest rates. The price rose to the area of 0.3640 (Murray level [7/8], Fibo correction 38.2%), but could not stay there and resumed the decline.

Currently, the price is testing the 0.3170 mark (Murray level [4/8], Fibo retracement 23.6%), consolidation below which will give the prospect of further movement to the levels of 0.2929 (Murray level [4/8]), 0.2685 (Murray level [3/8]). The key for the "bulls" is the level of 0.3418 (Murray level [6/8]), supported by the middle line of the Bollinger Bands, when it is broken out, quotes will be able to return to the area of 0.3640, 0.4000 (Fibo retracement 50.0%), however, this option of price movement in the near future seems less likely, since technical indicators point out a continuation of the decline: the Bollinger Bands and the Stochastic are reversing downwards, the MACD histogram is stable in the negative zone.

Resistance levels: 0.3418, 0.3640, 0.4000. | Support levels: 0.3170, 0.2929, 0.2685.

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