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ADAUSD Technical Analysis

3/23/2023 2:16 PM

This week, the ADA/USD pair reached five-week highs around 0.3835.

The quotes went beyond the upper line of Bollinger bands, failed to hold the gained positions, and rolled back to the area of 0.3500. However, the positive potential remains as the price forms an uptrend, confirmed by technical indicators: Bollinger bands and Stochastic are trying to reverse upwards, and the MACD histogram is preparing to enter the positive zone.

Currently, the asset is testing 0.3360 (Murrey level [7/8], Fibonacci retracement 38.2%). If consolidated above it, it can rise to 0.4000 (Fibonacci retracement 50.0%), 0.4150 (Murrey level [+1/8]), and 0.4394 (Murrey level [+2/8], Fibonacci retracement 61.8%). The key "bearish" level is the middle line of Bollinger bands of 0.3300. Its breakdown will allow the quotes to return to 0.2929 (Murrey level [4/8]).

Resistance levels: 0.3360, 0.4000, 0.4150, 0.4394. | Support levels: 0.3300, 0.2929.

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