Technical Analysis for ADAUSD for 16th February 2023
Cardano Breaks Above $0.40 as Trend Shifts
Past Performance of ADA
Cardano is firm, printing higher after finding support on February 14. There are hints of strengths as buyers look to build on recent gains. ADA prices broke above the recent $0.05 range turning the previous upper limit at $0.40 to support, reading from the formation in the daily chart. For bulls to sustain this, today’s close must be above the recent range, building the foundation for even more gains going forward.
Cardano Technical Analysis
The Cardano trend remains bullish. Despite the blip of February, the rejection of lower prices is massive for buyers. Therefore, as it is, ADA must build on recent gains, and strive to float above $0.40 to validate the breakout formation of February 15 and confirm buyers of last month. Notice that the February 14 bar has significantly higher trading volumes than that of February 9. Also, losses have been reversed. Aggressive traders can, therefore, search for entries on dips, ramping up with targets at $0.50. This preview will only be nullified if ADA bears flow back, pushing prices below $0.40 with higher participation levels.
What to Expect from ADA
Cardano traders are confident. The rejection of lower prices indicates strength. However, this will be confirmed if ADA prices stay above $0.40 by today’s close. In that case, ADA may rally to $0.50, or better, in a bullish continuation formation.
Resistance level to watch: $0.50
Support level to watch: $0.40
Disclaimer: Opinions expressed are not investment advice. Do your research.
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