Technical Analysis for ADAUSD for 14th March 2022
Cardano Stable inside a $0.10 Zone, ADA Bulls' Ceiling at $0.85
Past Performance of ADA
The performance of Cardano is, thus far, dismal. As per the ADAUSDT technical arrangement in the daily chart, sellers are in control as the coin trades within a bear breakout formation following the drop below $1. The psychological round number at $1 acts as a strong liquidation level and the immediate resistance level. However, whether ADA prices recover will mostly depend on reaction at last week's lows at around $0.75.
Cardano Technical Analysis
At present, sellers have the upper hand despite the encouraging consolidation in the past few days. ADA prices are within a $0.10 zone with caps at $0.75 on the lower end and $0.85 on the upper end, respectively, as visible in the daily chart. Therefore, based on this formation, a close above $0.85 would confirm buyers of March 9 and would anchor the next wave of higher highs towards $1, presenting an opportunity for traders. On the flip side, if bulls don't follow through and the wave of higher highs relative to the lower BB fails to materialize, losses below $0.75 may see the coin drop towards $0.60 in sessions ahead.
What to Expect of ADA
Cardano's DeFi ecosystem is developing, a net positive for ADA---the base layer's utility token. Nonetheless, sellers will remain in control despite supportive fundamental factors before ADA breaks above immediate liquidation levels.
Resistance level to watch: $0.85
Support level to watch: $0.75
Disclaimer: Opinions expressed are not investment advice. Do your research.
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