ADX price seems to be exhausting its bullish momentum following a 12.7% increase in a week. Despite the sluggishness seen over the weekend, ADX is up 2.6% in 24 hours to trade at $0.136 at the time of writing. Although the expected move above $1.40 may be a tall order for the bulls, gains beyond $1.00 are not a farfetched idea.
ADX price has sustained a bullish outlook since the beginning of the year. The dump that pushed the token to the floor in December has been recouped, with ADX trading significantly above key moving averages.
The 50-day Exponential Moving Average (EMA) (in red) holds the ground at $0.1239, the 100-day EMA (in blue) at $0.1238, and the 200-day EMA (in purple) at $0.1296. Notice the 50-day EMA crossing above the 26-day EMA on the daily time frame chart, showing that the path with the least resistance is still to the upside.
From the chart, ADX price needs to close the day above $0.14, if not the upper falling trend line. Buyers need assurance that the uptrend is intact to bet on more long positions eyeing $0.18 and $0.189 in the short term.
The Moving Average Convergence Divergence (MACD) indicator upholds the optimistic outlook for ADX price. In addition to the momentum indicator lifting above the mean line (0.00), the MACD (line in blue) sits on top of the signal line (in red), which reinforces the bullish grip and encourages investors to hold tight in their long positions.
ADX price banks on the 200-day (EMA) (in purple) to provide immediate support and prevent declines from erasing the progress made over the last couple of weeks. Moreover, the Relative Strength Index (RSI) shows bulls have the upper hand as it moves back into the overbought region.
What Could Stand in The Way of a Rally To $1.40?
ADX price holds between a rock and a hard place based on insight from on-chain data provided by IntoTheBlock. Buyers in droves have set camp around $0.13 while sellers hold the fort at $0.14.
It is worth mentioning that a bullish outcome is most likely to occur, supported by 44 addresses that purchased 103k ADX tokens around $0.13. Although the seller congestion at $0.14 is solid, with an aggressive push, bulls could destabilize 30 addresses that bought 83k ADX tokens around $0.14 and push for a massive rally toward $1.40.
The same daily chart shines a light on a sell signal presented recently by the TD Sequential indicator in the form of a green nine candlestick. This signal hints at the ADX price exhausting the uptrend while paving the way for a trend correction.
Traders should wait until the signal is confirmed before triggering their sell orders. It is recommended to sell when the high of the sixth and seventh candles in the count is exceeded by that of the eighth, or ninth bar in the count.
Confirming the signal before triggering the orders will help avoid possible bear traps. Remember the last time such a sell signal appeared, ADX price ignored it and went ahead to jump to new yearly highs of $0.138.
ADX Price Alternatives to Consider for Quick Returns
The uptrend in ADX price is steady but might take a breather before continuing to $1.40. In the meantime, investors can take advantage of up-and-coming crypto projects, thus becoming early adopters. These altcoins in their presale stages are selling out fast ahead of their initial listings on exchanges.
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As the fitness industry expands its wings from Web2 to Web3 platforms, it is becoming difficult for investors to decide the projects to back. Although FightOut is relatively new, its features set it apart from the rest.
The team behind this up-and-coming Move-to-Earn (M2E) project believes everyone should be able to live a healthy, active lifestyle based on their personalized goals, abilities, and needs. Access to fitness should not be cost-prohibitive; instead, members should be rewarded for the efforts they put into their journeys.
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FightOut is bringing up an M2E fitness app and gym chain to gamify the fitness lifestyle. By completing predetermined workouts and challenges, users in this ecosystem will earn the FGHT token, receive badges and grow within the community.
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