AdEx Surges 21.81% After Breaking Multi-Week Trendline

AdEx (ADX) has experienced a significant surge, with its price increasing by 21.81% following a breakout from a multi-week descending trendline on the 8-hour chart. This upward movement has positioned the token at $0.09726, reflecting a 3.4% gain in the past 24 hours. The breakout from the trendline, which had contained price action since early May, marks a notable technical shift and indicates renewed market participation and volume activity.

The recent rally follows a strong recovery from early July lows. The price action crossed above the downtrend resistance, showing a renewed market participation and volume activity. This trend shift occurred after weeks of price compression under the trendline. The token is now consolidating just below the resistance level at $0.09761, which has previously triggered short-term rejections. The price rose by $0.0176 or 21.81% from its prior base, placing it within a historically sensitive range. This rise happened after the break above the trendline, which had contained price action since early May.

In a previous run, the asset surged by 35.49%, reaching a high of $0.130 before consolidating downward. The current movement appears to mirror the earlier breakout pattern, though volume levels have yet to match those seen in the earlier rally. Price fluctuations remain active within the $0.0938 to $0.09761 range. Before this surge, ADX had been in a sustained downturn since May. During this period, lower highs and consistent selling pressure drove the price down. The shift came after a clean break from the downward slope, which acted as dynamic resistance for more than two months. Once ADX breached the descending trendline, momentum increased rapidly. This price change was marked by consecutive bullish candles forming across several sessions. The move broke above previous short-term highs, invalidating a series of lower resistance levels. This shift came alongside modest increases against BTC and ETH, 3.1% and 3.9% respectively.

The closest support is pegged at the value of around 0.0938, which provides a vital relief against intraday fluctuations. This level has so far been resistant, particularly after upside spikes which have elicited a pullback presenting a buying opportunity. Traders are closely watching whether the price will stay above this line, as dips toward this level have seen quick reversals. The current range shows consolidation just below the $0.09761 resistance. These levels now define near-term market structure, where price behavior remains in close proximity to these two levels. The immediate view is range-bound between 0.0938 and 0.09761.