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The price may fall.
On the daily chart, a downward correction of the higher level develops as the second wave (2), within which the wave C of (2) forms. Now, the first wave of the lower level i of C has formed, and a local correction is ending as the wave ii of C. If the assumption is correct, after the end of the correction, the price will fall to the levels of 42.00–35.49. In this scenario, critical stop loss level is 60.62.

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EUR/USD updates local highs of November 11

Current trend
The European currency shows a moderate increase against the US dollar during the Asian session, ending the week with growth. The instrument is testing 1.1470 for a breakout, updating the local highs of November 11.

Before the end of the day, the market will receive quite a lot of noteworthy publications, so the situation may well change; however, judging by the forecasts of investors, the dollar will remain under pressure. In particular, US Retail Sales data for December is expected to reflect a drop in sales volumes from 0.3% to zero levels. At the same time, the Michigan Consumer Sentiment Index may retreat from 70.6 to 70 points.

Investors are looking forward to today's speech by the President of the European Central Bank (ECB), Christine Lagarde, who is likely to pay considerable attention to the growing risks associated with the spread of a new wave of coronavirus cases. The issue of tightening monetary policy in the eurozone is still open.

Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range is expanding but it fails to conform to the surge of "bullish" sentiments at the moment. MACD grows, preserving a stable buy signal (located above the signal line). Stochastic, having reached its highs, is expected to reverse into a horizontal plane, indicating significant risks associated with the euro being overbought in the ultra-short term.

Resistance levels: 1.1500, 1.1534, 1.1572, 1.1600.
Support levels: 1.1460, 1.1422, 1.1400, 1.1363.

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AUD/USD: the instrument is correcting at the end of the week

Current trend
The Australian dollar shows mixed trading dynamics against the US dollar during the Asian session, correcting after strong growth at the beginning of the week, which led to the renewal of local highs from November 16. The pressure on AUD/USD is exerted by technical factors, as well as by the oversold US currency in almost the entire spectrum of the market.

In turn, the instrument is supported by optimistic data from Australia and China. Home Loans in Australia increased by 7.6% in November after falling by 4.1% in October. Analysts expected zero dynamics. The Investment Lending for Homes over the same period also increased from 1.1% to 3.8%. Data from China showed stronger export growth in December: 20.9% against the expected 20.0%. Together with a slowdown in import dynamics from 31.7% to 19.5%, this led to a significant increase in the trade balance in December from 71.72B to 94.46B dollars.

Support and resistance
Bollinger Bands in D1 chart show moderate growth. The price range expands from above, freeing a path to new local highs for the "bulls". MACD indicator is growing, while preserving a rather stable buy signal (located above the signal line). Stochastic keeps its upward direction but is approaching its highs rapidly, which reflects risks of the overbought instrument in the ultra-short term.

Resistance levels: 0.7300, 0.7328, 0.7369, 0.7408.
Support levels: 0.7250, 0.7200, 0.7160, 0.7128.

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Elliot wave analysis

The price is in a correction, a fall is possible.

On the daily chart, the third downward wave of the higher level 3 of (C) develops, within which the wave i of 3 formed, the correctional wave ii of 3 ended, and the wave iii of 3 develops. Now, the third wave of the lower level iii of 3 has formed, and a local correction is developing as the fourth wave iv of 3. If the assumption is correct, after the end of the correction, the price will fall to the levels of 20.00–18.00. In this scenario, critical stop loss level is 29.35.

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Cryptocurrency Market Review
This week, the cryptocurrency market attempted to grow. As a result, the leading assets strengthened their positions. Currently, BTC is trading around 42800.00 (+1.2%), ETH is at 3300.00 (+3.5%). The BNB token returned to third place and is moving around 485.00 (+10.2%). USDT is at 1.0004 (+0.02%) and SOL is around 148.00 (+4.5%). The total market capitalization reached 2.051T dollars by the end of the week. The share of BTC has decreased to 39.55%.

The upward movement of the market is likely to be speculative since there are no obvious fundamental growth factors. Support for digital currencies and other alternative assets was provided by the general weakening of the US dollar associated with high inflation in the United States and investors' doubts about the ability of the US Federal Reserve to limit it this year.

Traders are focused on the comments of US officials. In an interview with CNBC, the head of the US Securities and Exchange Commission (SEC), Gary Gensler, evaded the question of whether ETH is security, saying that the commission did not give public legal advice. However, Gensler noted that companies that collected money from citizens and promised them profits could fall under securities laws. He also confirmed the need to create legal mechanisms that allow investors to receive all the necessary information from cryptocurrency companies before investing. The SEC continues the lawsuit with Ripple, proving that the XRP token was a security, and the company's management violated relevant US law when creating it. Ripple lawyers are trying to get an explanation from the regulator about why it considers XRP security, while several other currencies, in particular ETH, do not, hinting at the agency's bias. In this context, Gensler's refusal to comment on the status of ETH may indicate the weakness of the regulator's position and the prospects for Ripple to win the lawsuit. On Tuesday, at a Senate hearing, US Federal Reserve Chairman Jerome Powell promised to submit a report on studying the prospects for a national digital currency (CBDC) soon, which will be an important step towards creating a digital dollar. Powell also said that CBDC would not force private stablecoins out of the market, and they would be able to coexist.

From the news of the financial industry, it is worth noting the possibility of launching the payment company PayPal Holdings Inc.'s stablecoin backed by the US dollar, according to Bloomberg sources. Employees of the corporation note that the new currency should ensure the expansion of payments and customers' security. The product is currently under development and is awaiting approval from US regulators. Meanwhile, payment giant Visa Inc. in collaboration with ConsenSys, develops a technical solution for using state digital currencies in everyday payments. The corporation's management said that the company has already held consultations with the central tanks of several countries. The implementation of the new solution will allow customers to make any payments using CBDC at all points that accept Visa cards. Corporation employees surveyed small businesses in nine countries and found that 24% of them are ready to accept payments in the digital currency this year. Not surprisingly, the public's continued adoption of crypto assets is pushing Visa Inc. and other major financial companies to expand their cryptocurrency services. Finally, this week, it became known that Tesla Inc. is preparing to sell some of its products for DOGE and SHIB tokens. Currently, payment technologies are being tested, but the purchase itself is not yet available. Given the constant support of the head of the corporation Elon Musk of digital assets, especially DOGE, it can be assumed that payments in cryptocurrencies will be accepted soon.

Next week, quotes of most cryptocurrencies may consolidate or resume their decline.

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USD/CHF, Fibonacci analysis

On the daily chart, the price reached 0.9260 (retracement of 61.8%), but then sharply corrected down and is now trying to gain a foothold below the level of 0.9110 (retracement of 0.0%). If successful, the decline will continue to the area of 0.9020 (expansion of 100.0%). In case of a breakout of 0.9166 (retracement of 23.6%, the middle line of the Bollinger Bands), the price will be able to return to 0.9230 (retracement of 50.0%) or 0.9260 (retracement of 61.8%). Technical indicators point out a continuation of the decline: the Bollinger Bands and Stochastic are directed downwards, and the MACD histogram increases in the negative zone.


USD/CHF, W1
On the weekly chart, the price continues to decline along the 38.2% descending fan line. Currently, the quotes are trying to gain a foothold below the 0.9150 mark (retracement of 23.6%), but so far without success. If successful, the decline will continue to the levels of 0.8950 (near the June lows) and 0.8825 (retracement of 0.0%). In case of a breakout of 0.9190 (the middle line of the Bollinger Bands), the growth will be able to continue to 0.9350 (retracement of 38.2%). Technical indicators do not give a single signal: the Bollinger Bands are horizontal, the Stochastic is directed down, but approaches the oversold zone, which does not exclude a reversal, and the MACD histogram decreases in the positive zone.


Support and resistance
Generally, the continuation of the price decline seems more likely. Its targets may be 0.9020 (expansion of 100.0%, D1) and 0.8950 (the area of June lows). In case of a breakout of 0.9190 (the middle line of the Bollinger Bands, W1), it will be possible to start growth towards 0.9260 (retracement of 61.8%, D1) and 0.9350 (retracement of 38.2%, W1).

Resistance levels: 0.9190, 0.9260, 0.9350.
Support levels: 0.9020, 0.8950, 0.8825.

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USD/CHF, D1
On the daily chart, the price reached 0.9260 (retracement of 61.8%), but then sharply corrected down and is now trying to gain a foothold below the level of 0.9110 (retracement of 0.0%). If successful, the decline will continue to the area of 0.9020 (expansion of 100.0%). In case of a breakout of 0.9166 (retracement of 23.6%, the middle line of the Bollinger Bands), the price will be able to return to 0.9230 (retracement of 50.0%) or 0.9260 (retracement of 61.8%). Technical indicators point out a continuation of the decline: the Bollinger Bands and Stochastic are directed downwards, and the MACD histogram increases in the negative zone.



USD/CHF, W1
On the weekly chart, the price continues to decline along the 38.2% descending fan line. Currently, the quotes are trying to gain a foothold below the 0.9150 mark (retracement of 23.6%), but so far without success. If successful, the decline will continue to the levels of 0.8950 (near the June lows) and 0.8825 (retracement of 0.0%). In case of a breakout of 0.9190 (the middle line of the Bollinger Bands), the growth will be able to continue to 0.9350 (retracement of 38.2%). Technical indicators do not give a single signal: the Bollinger Bands are horizontal, the Stochastic is directed down, but approaches the oversold zone, which does not exclude a reversal, and the MACD histogram decreases in the positive zone.


Support and resistance
Generally, the continuation of the price decline seems more likely. Its targets may be 0.9020 (expansion of 100.0%, D1) and 0.8950 (the area of June lows). In case of a breakout of 0.9190 (the middle line of the Bollinger Bands, W1), it will be possible to start growth towards 0.9260 (retracement of 61.8%, D1) and 0.9350 (retracement of 38.2%, W1).

Resistance levels: 0.9190, 0.9260, 0.9350.
Support levels: 0.9020, 0.8950, 0.8825.

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EURUSD Elliot Wave Analysis

The pair may grow.
On the daily chart, the first wave of the higher level 1 of (3) formed, and a downward correction developed as the second wave 2 of (3), within which the wave c of 2 formed. Now, the development of the third wave 3 of (3) started, within which the first wave of the lower level (i) of i of 3 forms. If the assumption is correct, the pair will grow to the levels of 1.1687–1.1907. In this scenario, critical stop loss level is 1.1268.

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AUD/USD: Australian currency develops a "bearish" momentum

Current trend
The Australian dollar shows an active decline against the US currency during the Asian session, developing the corrective momentum of last Friday and testing the level of 0.7200 for a breakdown.

The US dollar is again in demand on the market amid expectations of an increase in interest rates by the US Fed. In addition, traders are somewhat concerned about the rapid increase in the dynamics of the incidence of coronavirus, which threatens the recovery of the global economy.

Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is almost constant, remaining rather spacious for the current level of activity in the market. MACD is declining keeping a weak sell signal (located below the signal line). Stochastic keeps a confident downward direction but is rapidly approaching its lows, which indicates the risks of oversold instrument in the ultra-short term.
Resistance levels: 0.72, 0.725, 0.73, 0.7328.
Support levels: 0.716, 0.7128, 0.71, 0.705.

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ETH/USD
Singapore government rhetoric reinforces the "bearish" trend

Current trend
The ETH/USD pair started the current week with a decline within the general market trend.

Medium-term pressure on the sector is exerted by investors' expectation of a tightening of the monetary policy of the US Federal Reserve. The completion of the emergency program of bond purchases and the first increase in interest rates may occur as early as March, leading to further strengthening of the US currency. An additional negative factor for ETH could be the tightening of regulation of the cryptocurrency industry in Singapore. The other day, the country's monetary authority (MAS) banned the widespread advertising of digital assets and the installation of cryptomats. Officials explained their decision to complicate access to tokens to prevent rash trade in them and protect their citizens. All firms working with digital assets, including banks, payment services, and exchanges, fall under the new rules.

Singapore is one of the leading countries in terms of the population's degree of acceptance of ETH. According to experts, more than 43% of local traders own this particular cryptocurrency, and tightening regulation of the sector may make it difficult to work with the asset.

Support and resistance
Resistance levels: 3437.50, 3750.00, 4140.00.
Support levels: 3125.00, 2812.50, 2500.00, 2300.00.

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Crude Oil, Market Analysis in 1 Minute

Current trend
During the Asian session, Brent Crude Oil prices are actively growing, testing the level of 87.00 for a breakout and renewing record highs since October 2018.

The quotes are moderately supported by the weakening of investors' fears that the rapid spread of the Omicron strain will negatively affect the pace of national economic recovery from the consequences of the coronavirus pandemic. In the meantime, indicators continue to stabilize, and the leading central banks are ready to continue the tightening monetary policy cycle. However, some skeptics still fear that the recovery in demand may not be able to keep with the increase in supply, given all the current risks.

On Monday, the quotes of "black gold" traded with restraint against the backdrop of news from Libya, where production volumes recovered to 1.2M barrels per day. Last week, it declined noticeably due to the blocking of several western fields.

Support and resistance
On the daily chart, Bollinger Bands steadily grow. The price range widens, but not as fast as the "bullish" sentiment develops in the short term. The MACD indicator grows, keeping a strong buy signal (the histogram is above the signal line). Stochastic keeps a confident upward trend but is close to its highs, indicating that the instrument may become overbought in the ultra-short term.

It is better to keep the current long positions until the signals from technical indicators are clarified.

Resistance levels: 87.00, 88.50, 89.50.
Support levels: 86.00, 84.50, 83.50, 82.64.

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Gold is consolidating at $1800

Current trend
Gold prices are consolidating near the psychological support at $1800, developing a weak downtrend since the end of last trading week. Demand for the precious metal is moderately declining as investor activity recovers. Traders ignore the difficult epidemiological situation in the world and focus on the prospects for further tightening of monetary policy by leading financial regulators. First of all, one should expect a rate increase from the US Federal Reserve and the Bank of England, while the European Central Bank is in no hurry to take active steps, waiting for more clear signals from the economy.

The macroeconomic statistics from the US released the day before did not have a noticeable impact on the dynamics of the instrument; however, it attracted attention with a sharp drop in the new york Empire State Manufacturing Index. In January, the indicator fell from 31.9 to -0.7 points, while forecasts suggested a decline to only 25.7 points.

Today, investors are focused on the statistics from the US on the dynamics of the construction market and data from Canada on the Consumer Price Index for December. In turn, statistics on inflation in Germany and the UK will be released in Europe.

Support and resistance
In the daily chart, Bollinger Bands are reversing horizontally. The price range is slightly narrowing from above, reflecting the correctional decline in the short term. MACD is declining keeping a weak sell signal. Stochastic shows a more confident decline, but at the moment it is quickly approaching its lows, indicating growing risks of the instrument being oversold in the ultra-short term.

Resistance levels: $1814, $1823, $1831.
Support levels: $1805, $1800, $1790, $1778.32

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EUR/USD
European currency remains under pressure

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USD/JPY
The US dollar corrects after a failed upside attempt

Current trend
The US dollar is developing mixed dynamics in Asian trading, consolidating near 114.50. The day before, the American currency made another attempt to grow and even renewed local highs from January 12, but it failed to consolidate on new positions, and USD/JPY ended the trading session near zero.

The pressure on the quotes of the instrument was exerted by not the most confident macroeconomic data from the US, while the yen took a lead from the decision of the Bank of Japan and moderately weak statistics on Industrial Production. The day before, the Japanese regulator made the expected decision to keep the monetary policy parameters unchanged. At the same time, the Bank of Japan adjusted its forecast for inflation, which, however, still does not create any tangible risks for the national economy. As for macroeconomic statistics, the released data reflected a slowdown in Industrial Production in November from 7.2% to 7.0%, and in annual terms it decreased from 5.4% to 5.1%.

Support and resistance
On the D1 chart, Bollinger Bands are gradually reversing horizontally. The price range is expanding from below, remaining spacious enough for the current activity level in the market. MACD is going down preserving a weak sell signal, located below the signal line. Stochastic, on the contrary, is showing active growth and has not yet reacted to the appearance of "bearish" dynamics.

Resistance levels: 115, 115.5, 116, 116.5.
Support levels: 114.5, 114, 113.5, 113.

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XRP/USD Technical Analysis

Current trend
The XRP/USD pair continues to trade within the long-term descending channel.

Last week, the token price attempted to rise to the level of 0.7812 (Murray [0/8]), supported by the middle line of Bollinger Bands, but could not break above it and resumed the decline. Currently, the quotes are trying to gain a foothold below 0.7500 (Fibo retracement of 61.8%) in order to continue the downward trend to the area of 0.5860 (Murray [-2/8]) and 0.5110 (the area of the lows of July last year).

The 0.7812 level remains key for the "bulls". Its breakout will give the prospect of growth of the trading instrument to 0.9100 (Fibo retracement of 50.0%), however, this option of price movement seems less likely, since the indicators point out the continuation of the downward trend: the Bollinger Bands and Stochastic are directed downwards, the MACD histogram is stable in the negative zone.

Support and resistance
Resistance levels: 0.7812, 0.9100, 0.9766.
Support levels: 0.7500, 0.6836, 0.5860, 0.5110.

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GBP/USD
Political uncertainty weighs on the pound

Current trend
This week, the GBP/USD pair corrected down to 1.3570, but today it is trying to restore lost positions. In general, the British currency is influenced by a number of opposite factors.

The December data on inflation in the United Kingdom published today confirmed its further growth: the consumer price index rose from 5.1% to 5.4%, reaching its highest since 1992. The negative dynamics due to the increase in the cost of energy carriers should prompt the Bank of England to raise the interest rate again in early February, which, in turn, will serve as a catalyst for strengthening the pound. In addition, the UK has signs of a gradual exit from the coronavirus pandemic caused by the Omicron strain. The incidence in the country is gradually decreasing, which allows officials to announce the mitigation of existing quarantine measures as early as next week.

On the other hand, the growth of quotations is hindered by the problems of the national labor market and the intensifying political crisis, which now occupy significant attention of investors. According to November data, wage growth in the UK is slowing down and is seriously not keeping up with the increase in inflation, which may negatively affect consumption and the state of the economy as a whole. Meanwhile, investors are following the development of the situation in the country's parliament: Boris Johnson is getting closer to losing the post of prime minister due to the scandal caused by his presence at the event, while strict coronavirus restrictions were in effect on the territory of the United Kingdom. Members of the Conservative Party have already begun collecting parliamentary requests to begin the procedure for removing a politician from office.

Under these conditions, the US currency looks more stable and attractive for investment, as the market expects a cycle of interest rate hikes by the US Fed, the first of which may take place as early as March.

Support and resistance
The price of the GBP/USD pair has returned to the framework of the descending channel and is close to 1.3549 (Murray [7/8], middle line of Bollinger Bands). Its breakdown will give the prospect of further decline to the area of 1.3427 (Murray [6/8]). In case of a breakout of the level of 1.3672 (Murray [8/8]), the upward dynamics of the trading instrument will be able to continue to 1.3740 (January highs) and 1.3795 (Murray [+1/8]). The indicators do not give a single signal, confirming the uncertainty of the market: the Bollinger Bands are directed up, the Stochastic is directed down, while the MACD histogram is decreasing in the positive zone.

Resistance levels: 1.3672, 1.3740, 1.3795.
Support levels: 1.3549, 1.3427, 1.3305.

Key Releases

United States of America
The US currency is weakening today against its main competitors – the yen, the pound and the euro.

The published December data of the American labor market turned out to be positive: the number of construction permits issued increased from 1.717M to 1.873M, and the number of new homes whose construction has just begun increased from 1.678M to 1.702M. Today, the head of the White House, Joe Biden, is due to speak at a press conference on the occasion of the anniversary of his inauguration. He will inform citizens about his new legislative initiatives, as well as about further plans to combat the coronavirus pandemic.

Eurozone
The European currency is strengthening against the USD, weakening against the pound and has ambiguous dynamics paired with the Japanese yen.

December data on the consumer price index in Germany were published today, which recorded an acceleration of inflation in the country. On a monthly basis, the index increased from -0.2% to 0.5%, and on an annual basis – from 5.2% to 5.3%. The pressure in the German and European economies as a whole continues to increase. In these circumstances, investors are turning their attention to the decisions of the European Central Bank (ECB), hoping that the regulator's officials will begin a more active fight against price increases following their colleagues from the Bank of England and the US Fed. However, the matter does not go beyond comments and hints yet. Last week, ECB Head Christine Lagarde said that inflation in the eurozone this year should decrease from the record high levels currently observed, and the agency is ready to take any measures necessary to reduce it to the target of 2.0%. The official's rhetoric was interpreted by some investors as a hint at the possibility of raising rates, but more specifically, the regulator's intention will be known only in early February, when the first meeting of the current year will take place. The head of the French central bank and ECB member Francois Villeroy de Galhau noted that France's economic growth has not slowed down from the rapid spread of the COVID-19 Omicron strain, but inflation in the eurozone's second-largest economy is still too high.

United Kingdom
The British currency today is strengthening against its main competitors – the euro, the yen and the USD.

The December data on inflation in the United Kingdom published today confirmed its further growth: the consumer price index rose from 5.1% to 5.4%, reaching its highest since 1992. The negative dynamics due to the increase in the cost of energy carriers should prompt the Bank of England to raise the interest rate again in early February, which, in turn, will serve as a catalyst for strengthening the pound. In addition, the UK has signs of a gradual exit from the coronavirus pandemic caused by the Omicron strain. The incidence in the country is gradually decreasing, which allows officials to announce the mitigation of existing quarantine measures as early as next week. On the other hand, the growth of quotations is hindered by the problems of the national labor market and the intensifying political crisis, which now occupy significant attention of investors. According to November data, wage growth in the UK is slowing down and is seriously not keeping up with the increase in inflation, which may negatively affect consumption and the state of the economy as a whole. Meanwhile, investors are following the development of the situation in the country's parliament: Boris Johnson is getting closer to losing the post of prime minister due to the scandal caused by his presence at the event, while strict coronavirus restrictions were in effect on the territory of the United Kingdom. Members of the Conservative Party have already begun to collect parliamentary requests to begin the procedure for removing the politician from office, but he himself does not intend to resign.

Japan
The Japanese currency is weakening against the pound, strengthening against the USD and has ambiguous dynamics paired with the euro.

Today, the Japanese government has extended emergency measures to the capital Tokyo and more than a dozen other regions of the country to stop the rapid spread of the COVID-19 Omicron strain. These measures will allow local authorities to limit the mobility of the population and business activity, reducing the opening hours of bars and restaurants and other establishments of mass attendance. So far, the incidence in Japan remains at high levels, and officials fear that the national health system may not be able to withstand the increased number of hospitalizations. Tomorrow, bidders expect the publication of data on foreign trade for December. It is predicted that the volume of imports of Japanese goods may slow down growth from 43.8% to 42.5%, and exports – from 20.5% to 16.0%. The implementation of forecasts may put pressure on the Japanese currency.

Australia
The Australian currency is strengthening against its main competitors – the euro, the pound, the yen and the USD.

The Australian dollar shows an upward trend in trading, despite the negative January data on the consumer sentiment index from Westpac: the indicator decreased from -1.0% to -0.2%. Australian citizens fear the deterioration of the epidemic situation and the tightening of quarantine restrictions, but Australian Prime Minister Scott Morrison said that the government does not plan to introduce additional sanitary measures, even despite the surge in the incidence. Moreover, the official announced the cancellation of visa fees for students and people who want to get a job at local enterprises for the next 12 weeks. These measures should reduce the labor shortage created during the pandemic.

Oil
Oil quotes are making moderate attempts to decline today.

The pressure on prices was exerted by statements from representatives of the International Energy Agency (IEA). Officials of the ministry noted that the supply of oil will soon exceed demand, as some producers may reach historical production peaks in Q1 2022. In particular, the department believes that the USA, Canada, Brazil, Saudi Arabia and Russia can seriously increase production. During the day, investors also expect the publication of a weekly report on the amount of oil reserves in the USA from the American Petroleum Institute (API). The last time the indicator decreased by 1.077M barrels, and the continuation of this trend may support oil quotes.

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AUD/USD: wave analysis

The probability of the pair reduction remains.
On the daily chart, the development of the first wave of the higher level (1) of C has completed and a downward correction as wave (2) of C continues to be formed. At the moment, wave A of (2) has formed and wave B of (2) is developing, in which wave b of B is being formed. If the assumption is correct, after the completion of wave B of (2) the pair will continue to decline to the levels of 0.6742–0.6446. The level of 0.7616 is critical and stop-loss for this scenario.

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ADA/USD
The growth before the launch of the SundaeSwap exchange turned out to be temporary

Current trend
Unlike most of the leading cryptocurrencies, ADA quotes showed upward trading dynamics and only after reaching eight-week highs around 1.6345 began to adjust downwards. Experts associate the strengthening of the token's position with the creation of the Pavia application on the Cardano blockchain, as well as with the launch of the SundaeSwap (DEX) platform.

Thus, Pavia's "metaverse" has already attracted 8.3K participants, but even more investor interest is directed to the decentralized exchange SundaeSwap, the beta version of which should be launched today. The currently available version of the platform will be incomplete, the developers have limited a number of functions in it and increased the transaction processing time, but investors will already begin to receive part of the charged commission for trading as a reward for supporting the project, which will be carried out in the form of distribution of their own SUNDAE exchange token.

The interest of market participants in ADA allowed to increase the daily volume of transactions in the Cardano network to 7B, which exceeded the same figure in the Ethereum network (5.4B), but nevertheless, the positive dynamics turned out to be temporary.

Support and resistance
Currently, the price of the ADA/USD pair has corrected to the middle line of the Bollinger Bands (1.3000). Its breakdown will give the prospect of further decline to the levels of 1.1718 (Murray [6/8]) and 1.0700 (January lows), otherwise the upward dynamics may resume to 1.5625 (Murray [8/8], Fibo retracement 23.6%), 1.7578 (Murray [+1/8]), 1.8350 (Fibo retracement 38.2%). Indicators do not give a single signal: the Bollinger Bands and Stochastic are directed downwards, the MACD histogram is at the zero line, its volumes are insignificant.

Resistance levels: 1.5625, 1.7578, 1.8350.
Support levels: 1.3000, 1.1718, 1.0700.