Technical Analysis for ADAUSD for 14th October 2021
Cardano Prices Consolidate, Will ADA Breakout Above $2.3?
Past Performance of ADA
Cardano prices are mainly in a sideways movement, drab and tepid to the liking of high octane, volatility-driven traders.
Even so, while traders are confident of what lies ahead, ADA/USDT prices are still under pressure at spot rates.
As of writing, ADA is stable versus the greenback on the last trading day, underperforming BTC and ETH.
What to Expect of ADA
Overall, position traders expect Cardano to inch higher in the next few months.
However, in the short term, ADA/USDT has support at around $1.9—September 2021 lows.
At the same time, ADA bulls are capped at $2.3.
Within a wedge, a breakout in either direction may see either ADA snap back to the primary trend of July to August or correct even deeper to mirror losses of September 2021.
Cardano Technical Analysis
From a top-down analysis, Cardano bulls are in control.
However, due to September losses and the failure of buyers to authoritatively flow back, there are pockets of weakness.
Therefore, if ADA falls below the $0.4 range zone at $1.9, bears may force prices back to $1.5.
On the flip side, a high-volume close above the recent consolidation at $2.3 may draw buyers back into the equation, possibly propelling ADA to all-time highs at $3.
Resistance level to watch out: $2.3
Support level to watch out: $1.9
Disclaimer: Opinions expressed are not investment advice. Do your research.