Cardano battles for fair value in the choppy trend
The ADA / USD continues to produce a rather choppy trend for speculators as it manages to hold values amid a medium term technical outlook.
The ADA / USD is trading near the 1,600,000 level at the start of trading today, as the cryptocurrency continues to have a pretty impressive struggle to keep values in the middle of its medium-term price range. Technical traders who remain bullish with ADA / USD can clearly see that Cardano is still within its May values and has not tested April prices with a sincere push. Yes ADA / USD saw some bearish flashes which tested lows on the 19the and 23rd of May, but these downward spikes produced solid increases in value.
The question that suspicious bearish traders may now ask themselves is whether these higher reversals after the lows have been reached are sustainable. The vast cryptocurrency market remains stuck in short-term bearish sentiment, and this weekend’s price action has done little to improve the mood. Technically, while the ADA / USD looks healthy relative to other major cryptocurrencies that test March and February values, skeptics can argue that maybe it is time for the ADA / USD to erode in the same way.
The 15the As of May, the ADA / USD was trading near record highs of around 2.460000. Like other cryptocurrencies, the ADA / USD proved to have the ability to cut its value in half and beyond, when it sank to depths near 1,000,000 just four days later. . Not only does this show that the ADA / USD is not immune to the sentiment generated in the vast cryptocurrency market, but it also shows that Cardano is a volatile digital currency that speculators should always practice tactics with. risk management.
Junctions from 1,650000 to 1,700,000 should be watched by traders; if these levels are dug higher, it may mean that a shift in short-term sentiment is underway and could stimulate further speculative bullish action. However, if the ADA / USD is unable to break through the 1.63000-1.65000 marks, it may mean that resistance is still strong and another decline could develop sooner rather than later.
Given the short-term technical and behavioral sentiment, traders may want to stay bearish on their outlook for ADA / USD. This is certainly a speculative bet, but looking for more selling momentum and a test of support near values of 1.580000 to 1.550000 seems like a logical speculative move.
Short-term outlook for Cardano:
Current resistance: 1.62000
Current support: 1.570000
High target: 1.670000
Low target: 1.336000