Technical Analysis for ADAUSD for 1st June 2022
Cardano Breakout Formation, ADA Prices may Rally 30% to $0.75
Past Performance of ADA
After two months of sharp losses from early April, the recovery at the tail end of May is a net positive for ADA bulls. At spot rates, ADA is up 50 percent from 2022 lows and trading above the trend defining bear bar of May 11 in a breakout. Cardano bulls are firm, reading from the ADAUSDT price formation in the daily chart.
Cardano Technical Analysis
Candlestick arrangement favors buyers following gains of the past three days. After two months of lower lows, forcing ADA to register new 2022 lows, the revival from May 30 was a significant development. There is a double bottom pattern, a W-formation signaling trend. Besides, ADA prices are above the middle BB in a bullish breakout formation. In line with these signals, aggressive traders may find entries above $0.50 and the middle BB, targeting $0.75 in the immediate term.
What to Expect from ADA
ADA bulls are charged at spot rates, breaking above $0.60. With rising trading volumes and confident traders, Cardano prices may soar higher to retest Q1 2022 lows in the short term.
Resistance level to watch: $0.75
Support level to watch: $0.50
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.