Last week, the ADA/USD pair was actively growing as part of the general market trend but after reaching annual highs around 0.4583, it began a downward correction, which brought the price to the middle line of Bollinger bands. The key “bearish” zone is support zone 0.4000–0.3906 (Fibonacci correction 50.0%, Murrey level [4/8]). If it breaks down, it will be possible to change the current short-term uptrend and develop a decline towards the targets 0.3660 (Murrey level [3/8], Fibonacci correction 38.2%), 0.3418 (Murrey level [2/8]), 0.3173 (Murrey level [ 1/8], Fibonacci retracement 23.6%). If 0.4394 (Murrey level [6/8], Fibonacci retracement 61.8%) is broken upwards, growth may resume to 0.4638 (Murrey level [7/8]) and 0.4882 (Murrey level [8/8]).
Technical indicators show the continuation of the uptrend: Bollinger bands are reversing upwards, however, Stochastic is reversing downwards and the MACD histogram is falling in the positive zone, which does not exclude the development of a downward correction.
Resistance levels: 0.4394, 0.4638, 0.4882. | Support levels: 0.3906, 0.3660, 0.3418, 0.3173.