As bulls drive the price higher, AdEx (ADX), explodes in value against Tether USDT (USDT). Despite recent market declines with Ethereum (ETH), and Bitcoin (BTC), all data from Binance
AdEx (ADX). Weekly Chart: Price Analysis
The chart shows that ADX’s price, which had soared to $1.2, has fallen to $0.16, with what appears to be a low weekly chart.
ADX found support in this region, as the price quickly bounced to $0.18 above it support area. ADX’s price is not showing much strength, as it has failed to surpass its low by a significant margin.
ADX is facing resistance in the region $0.2; should the price fail to break the region, ADX may see its weekly lowest price. This could act as support.
ADX closed the previous monthly candle with a bearish momentum, with the new week’s candle more bullish with signs of relief.
ADX’s price must rise above $0.2 in order to be considered a trending high. It also needs to stay above the support level to prevent it from dropping below that area.
Weekly resistance for the price of ADX – $0.2.
Weekly support for the price of ADX – $0.15.
AdEx Price Analysis for The Daily (1D), Chart
ADX is currently trading in an area that’s not trending higher. This indicates that the price of ADX may be ranging within a channel. ADX found support around $0.15 on the daily timeframe. However, the price bounced to $0.18 and it experienced rejection.
ADX must trade above $0.15-$0.19, with good volumes to increase its chances of trading to $0.2, which appears to be an area of great supply.
We expect ADX to continue to trade in the same range if it fails to move out of this area. This is an important support level for ADX.
ADX trades currently at $0.17. That’s just below 50 Exponential Moving Averages (EMA) prices that correspond to $0.18. ADX serves as resistance.
Relative Strength Index (RSI), for ADX’s price, is displayed on the daily charts. It indicates buy orders.
Daily (1D) resistance for ADX price – $0.19-$0.2.
Daily (1D) support for ADX price – $0.15.
Pricing Analysis of ADX for The Four Hourly (4H), Chart
ADX is a strong price that tried to break through the ranging channel. ADX had its price rejected as resistance exists to breaking out above it.
ADX must break above the 4H range channel in order to trend higher towards $0.2; ADX could show a price range or retest support area if it fails to breakout from this channel.
ADX’s price must remain within the $0.156 support zone to prevent trading losses if it is unable to do so.
Four-Hourly (4H) resistance for ADX price – $0.2.
Four-Hourly (4H) support for ADX price – $0.156-$0.14.
Featured image from Kazzak. Charts From TradingView.com