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Cryptocurrencies Market Update ➡️ Solid ECN
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[QUOTE="SOLIDECN, post: 214836, member: 80239"] [HEADING=1]ADAUSD -The development of the FTX crisis puts pressure on the market[/HEADING] The pressure on the digital asset sector continues to be exerted by the situation around the FTX exchange, which currently cannot provide coverage for client deposits, and its token can repeat the dynamics of the LUNA coin, losing about 90% of its value in a few days. Even yesterday, it seemed to the community members that a way out of the crisis had been found since the world's largest cryptocurrency platform Binance agreed to buy FTX assets, but then the company's CEO Changpeng Zhao abandoned these plans, which became the driver of the market's rapid decline. The exchange said that the problems associated with the misuse of FTX client funds were more serious than expected, so there were no opportunities to help the exchange. FTX CEO Sam Bankman-Fried has requested an additional 8.0B dollars in funding from investors to enable the withdrawal of user funds. If this amount is not received, then a declaration of bankruptcy will follow. Soon, this situation will negatively affect the entire digital sector and may provoke a serious outflow of investors and further price declines. According to analysts at JPMorgan Chase & Co., the FTX crisis is developing too quickly, and market participants are not fully aware of its danger, and as soon as this happens, a cascading liquidation of open positions may begin. [img]https://i.ibb.co/82LQf4t/ada.png[/img] The trading instrument is trying to win back the lost positions but to resume serious growth, it needs to consolidate above 0.3906 (Murrey [0/8], the middle line of Bollinger Bands), and then the uptrend targets will be 0.4394 (Murrey [1/8], Fibonacci correction 50.0%) and 0.4670 (61.8% Fibonacci retracement). After the consolidation below 0.3085 (annual lows), the decline will continue to 0.2440 (Murrey [2/8] for H4). [B]Resistance levels[/B]: 0.3906, 0.4394, 0.4670 | [B]Support levels[/B]: 0.3085, 0.2440 [/QUOTE]
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