ADA / USD: Cardano assessments short-term lows as vary wobbles – DailyForex.com
ADA / USD is under short term pressure as it trades in the lower band of its current range.
ADA / USD is trading slightly above major short-term lows as of this writing. Interestingly, Cardano remains valued pretty high when correlated to many other cryptocurrencies. ADA / USD is still anchored in a range testing May levels. Yes, ADA / USD is crossing major lows, but it didn’t drop below its April price band, while many cryptocurrencies struggled with lower prices in March and February.
This technical characteristic can be viewed in two ways by speculators. Traders might believe that Cardano’s ability to hold the upper part of its range without testing highs and still maintain a perception of strength is a positive sign of future upward movement. On the flip side, skeptics who believe that ADA / USD did not suffer the slingshots and arrows that many of the other major cryptocurrencies have suffered may be an indicator that worse days are ahead.
Since early June, ADA / USD has been showing a fairly consistent reading of test support, breaking below levels but then reversing up. However, the higher reversals since early June have gradually decreased. This can be that particular ingredient that technical traders need to help make their decisions.
The mood within the broad cryptocurrency market continues to radiate fragility. While ADA / USD and its main counterparts have certainly shown the ability to rise in value and give bullish speculators a glimpse of higher moves, Cardano’s trend can still be viewed as negative. A downtrend hit a low of nearly 1.40000 yesterday, followed by an upward move to a price close to 1.59000.
The ADA / USD has held choppy conditions for the past day and is now crossing important short-term support. If the connection points from 1.560000 to 1.550000 appear vulnerable and penetrated deeper, traders may want to hold onto the momentum and keep selling ADA / USD and seek support with a target of 1.530000.
ADA / USD can certainly create rapid volatility. Breaking through support and resistance levels is common with Cardano, and its sudden volatility makes it an attractive bet for some who can tolerate its fast-paced conditions. Traders may want to continue tracking the bearish momentum in ADA / USD. Speculators are advised to use proper risk management and not over-leverage their positions while going short.
Cardano short-term outlook:
Current resistance: 1,607,000
Current support: 1.556000
High goal: 1,658,000
Low goal: 1.530000