Technical Analysis for ADAUSD for 14th June 2022
Cardano Bulls Reject Bears, will ADA Float above $0.45?
Past Performance of ADA
Cardano prices are relatively firm versus the BTC and ETH at spot rates. While the crypto market is down, ADA prices remain inside a $0.25 range, with support at $0.45 and resistance at $0.65. Besides, there is an M-formation, with ADA retracing from the double top. Currently, ADA is down 12 percent week-to-date, but buyers stand a chance above $0.45.
Cardano Technical Analysis
ADA traders are confident. As the crypto market falls, Cardano bulls have been holding the line above $0.45, the immediate support. Additionally, there are hints of strength with the June 13 bear bar closing with a long lower wick pointing to demand in the NY session. Nonetheless, risk-averse traders can wait for trend definition. Losses below $0.45 may see ADA fall to as low as $0.30 in the medium term. A welcomed recovery above $0.65 may offer relief, allowing prices to retest $0.80—March 2022 lows.
What to Expect from ADA
Cardano prices are propped by bulls' expectations of enhanced network performance in the upcoming hard fork. Still, from a technical angle, prices must first pierce $0.65 to buy trend resumption.
Resistance level to watch: $0.65
Support level to watch: $0.45
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