Technical Analysis for ADAUSD for 8th July 2022
Cardano reverses from multi-week support, adding 6%; ADA Bulls Aim for $0.66
Past Performance of ADA
ADA, like the rest of the crypto market, is rising with the tide. The coin remains at eighth in the market cap leaderboard, adding six percent in the past week of trading. From the ADA candlestick arrangement in the daily chart, prices are steady above the primary support line at $0.45, a net positive for bullish Cardano traders.
Cardano Technical Analysis
Cardano’s performance relative to most altcoins is impressive. At spot rates, prices are firm above the multi-week support line at $0.45, and bulls are rejecting attempts for lower lows.
With rising crypto tides, aggressive ADA traders may load on dips above $0.45 as bulls push prices above the dynamic support--past resistance--line. The first target line will be $0.55, marking June 15 highs and later $0.66, or June 2022 highs.
On the flip side, an unexpected flash crash below $0.45 will nullify this bullish preview, swinging price action back to favor sellers.
What to Expect from ADA
Traders are upbeat, primarily because of Cardano’s fundamentals. At spot rates, ADA prices are firm and printing higher, drawing more capital that could pump the next leg up. Per the arrangement in the daily chart, bulls may take control in the medium term, and prices may retest $0.66.
Resistance level to watch: $0.55
Support level to watch: $0.45
Disclaimer: Opinions expressed are not investment advice. Do your research.
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