Technical Analysis for ADAUSD for 18th April 2022
Cardano Inching Lower Towards $0.80, ADA Remains Under Pressure
The Vasil Hard Fork Generator Event is set for June 29, 2022.
Past Performance of ADA
Despite optimism amongst traders, ADA is under pressure at spot rates. The coin is down double digits in the previous trading week, sliding 12 percent against the USDT. Technically, there are possibilities of Cardano dropping towards $0.80, as prices are now below last week's lows.
Cardano Technical Analysis
As per the ADA candlestick arrangement in the daily chart, sellers have the upper hand. There were encouraging higher highs relative to the lower BB. However, the inability of traders to unwind the losses of April 11 places ADA sellers at an advantage. Provided Cardano prices trend below $1 and within the bearish engulfing, wide-ranging, and high trading volume bar, every high towards last week's high could be entries for aggressive sellers. Thus far, the close below $0.92 confirms last week's bears, drawing more sellers angling for $0.80 in the immediate term in a bear continuation pattern.
What to Expect from ADA
ADA could be discounted from a fundamental perspective. Until Cardano bulls flow back and rewind last week's losses, driving prices above, ideally $1.30, sellers have the upper hand.
Resistance level to watch: $1
Support level to watch: $0.80
Disclaimer: Opinions expressed are not investment advice. Do your research.
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