• ADX price has been in an uptrend since the start of the year, trading significantly above key moving averages.
• The token needs to close the day above $0.14, or the upper falling trend line, in order to confirm the uptrend.
• The Moving Average Convergence Divergence (MACD) indicator upholds the optimistic outlook for ADX price.
The ADX token has been on a steady upward trajectory since the start of the year, increasing by 12.7% in a single week. At the time of writing, ADX is trading at $0.136, up 2.6% in 24 hours. The token has managed to recoup the losses from its December dump, trading above key moving averages, such as the 50-day Exponential Moving Average (EMA) at $0.1239, the 100-day EMA at $0.1238, and the 200-day EMA at $0.1296.
The 50-day EMA crossing above the 26-day EMA on the daily time frame chart shows that the path of least resistance is still to the upside. This means that buyers need to be assured that the uptrend is intact before they can bet on more long positions, eyeing $0.18 and $0.189 in the short term.
The Moving Average Convergence Divergence (MACD) indicator is also supportive of the optimistic outlook for ADX price. The MACD line (in blue) is positioned above the signal line (in red), and the momentum indicator is also above the mean line (0.00). This is a sign of a strong bullish momentum and suggests that ADX price may soon break the resistance at $0.14, or the upper falling trend line.
Overall, ADX price seems to be in an uptrend and may soon break the resistance at $0.14, confirming the bullish outlook. Once this happens, the token may move beyond $1.00, although reaching above $1.40 may be a tall order for the bulls.