August 14, 2022
  • August 14, 2022

Short-term support test emerges after new highs

By on May 11, 2021 0

ADA / USD remains fast and hit an all-time high this weekend, but it has reversed lower and is now testing intriguing short-term support levels.


Speculators should take a moment to open a one-month chart of the ADA / USD to get a perspective on its trading. Yes, it’s easy to say that Cardano remains in a strong uptrend, but perhaps the most important consideration is what has happened since the 23rd.rd April. After the ADA / USD traded below the one dollar level on that date, the cryptocurrency was able to gradually produce a steady rise and create dynamic support levels.

The trend can certainly be reversed and the achievement of record values ​​last weekend met with a downward reversal. ADA / USD is now trading near 1.660000 with quick conditions prevailing. Oddly enough, the 1,600,000 level appears to be psychologically important, and if the value holds above this precipice, the ADA / USD could indicate that bullish speculation will continue to be viable.

Record highs of over 1,800,000 were successful, but selling at those levels took ADA / USD to a low near 1.550000 late yesterday. However, volatility is to be expected near record highs, and since hitting lows yesterday ADA / USD has once again been able to pick up momentum. Resistance near the 1.700000 and 1.720000 junctions should be watched carefully by speculators.

If the ADA / USD is able to move closer to resistance and show an ability to hold prices in these times, speculators will likely build confidence and another strong buying wave could develop. Cardano’s record values ​​continue to be produced on a fairly regular basis. However, speculators who believe another lower leg can be seen ahead of the next buying wave have technical reasons to consider the potential for selling positions. If the ADA / USD weakens near the 1.640000-1.600000 junctions, traders with short-term bearish sentiment might aim for stocks that test other support ratios below.

ADA / USD is certainly within reach of a bull market. Temporarily weaker reversals may continue to be seen in the near term, making it potentially attractive for bullish speculators to buy ADA / USD on declines that are seen to be close to support ratios, which could produce a rebound. higher. Cautious traders who want to buy ADA / USD may want to wait for a sell near 1,600,000 before trying to engage their long positions. Aggressive buyers are advised to use limit orders even if they wish to buy Cardano above current support ratios.

Short-term outlook for Cardano:

Current resistance: 1.722500

Current support: 1.606500

High goal: 1.830000

Low target: 1.497000