AdEx Price Gains 20% As Market Plunges, Are Bulls Behind The Pump?

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)

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.

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.

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.