AdEx Price Gains 20% As Market Plunges, Are Bulls Behind The Pump?
August 27 2022 - 4:56PM
NEWSBTC
The price of AdEx (ADX) explodes with a double-digit gain against
Tether (USDT) as bulls push the price to a higher region. Despite
the market downtrend in recent days with Bitcoin (BTC) and Ethereum
(ETH) all (Data from Binance) Related Reading: Polkadot Dev’t
Activity Up In Last 7 Days, Despite Steady Drop In DOT Price AdEx
(ADX) Price Analysis On The Weekly Chart From the chart, the
price of ADX, after seeing a major run to a high of $1.2, took a
downward spiral to a region of $0.16 with what seems to be low on
the weekly chart. ADX has formed good support in that region
as the price bounced quickly to $0.18 above its support area. The
price of ADX has not shown much strength as the price has been
unable to move past its low by a considerable margin. The price of
ADX faces resistance at a region of $0.2; if the price fails to
break this region, we could see the price of ADX retesting its
weekly low, acting as support for ADX price. ADX closed the
previous monthly candle with a bearish momentum, with the new
week’s candle more bullish with signs of relief. For the
price of ADX to trend higher, it needs to break above $0.2 and hold
the price from falling below its support area. Weekly
resistance for the price of ADX – $0.2. Weekly support for the
price of ADX – $0.15. AdEx Price Analysis On The Daily (1D) Chart
The price of ADX has found itself ranging in a channel as the price
aims to break out of the channel to trend higher. The price of ADX
on the daily timeframe found its support at a region of $0.15 as
the price bounced, showing signs of strength to an area of $0.18,
where it faced rejection. The price of ADX needs to break above its
range of $0.15-$0.19 with a good volume to have a better chance of
trading higher to a region of $0.2 which seems to be an area of
high supply. If the price of ADX fails to break out of the range,
we expect the price to retest the region of $0.15, which is key
support for ADX price. ADX is currently trading at $0.17, just
below the 50 Exponential Moving Average (EMA), which corresponds to
prices of $0.18, acting as resistance for ADX price. On the daily
chart, the Relative Strength Index (RSI) for the price of ADX is
above 50, indicating buy orders. Daily (1D) resistance for ADX
price – $0.19-$0.2. Daily (1D) support for ADX price – $0.15. Price
Analysis Of ADX On The Four-Hourly (4H) Chart The price of ADX has
shown great strength trying to break out of the ranging channel;
ADX saw its price rejected back into the channel as it faces
resistance to break above the channel. ADX needs to break and close
above the 4H ranging channel to trend higher to a region of $0.2;
if the price of ADX fails to break out from this channel, we could
see a price range and possibly retest the support area. The
price of ADX needs to hold the support area at $0.156 to avoid
trading lower if it loses this support region. Four-Hourly (4H)
resistance for ADX price – $0.2. Four-Hourly (4H) support for ADX
price – $0.156-$0.14. Related Reading: Cardano Price At $0.44 With
Strong Support, What’s Next? Featured Image From Kazzak, Charts
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