Technical Analysis for ADAUSD for 8th September 2022
Cardano Bulls Upbeat, ADA Prices Could Recover Above $0.50
Past Performance of Cardano
Cardano prices rose on September 7, bouncing back after posting sharp losses on Tuesday. Currently, ADA prices may likely recover because of fundamental factors, allowing traders to double down and reversing the losses of September 6. As per the formation in the daily chart, traders may watch out for how prices react at $0.50, marking last week's high. Any surge breaking sellers' resilience could be the base for a leg up towards August 2022 highs.
Cardano Technical Analysis
Moving forward, ADA may find support and print higher towards August 2022 highs because of optimism surrounding Vasil. Nonetheless, whether there is demand and determination from Cardano traders depends on whether ADA bulls soar above $0.50, nullifying the three-bar bear formation of September 4 through to 6. Any reversal below $0.45 may quickly dent bulls' hopes, allowing the coin to drop back to July 2022 lows at around $0.42. Conversely, if buyers build on September 7 gains, a break above $0.50 will allow traders to redouble, targeting $0.60.
What to Expect from ADA
Traders are upbeat, but bear pressure will be diminished if prices surge above $0.50, adding to the gains of September 6. If not, losses below $0.45 will align the dominant trend with losses of September 6 in a bear continuation formation.
Resistance level to watch: $0.50k
Support level to watch: $0.45k
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