Technical Analysis for ADAUSD for 20th January 2022
Cardano Recoils, but ADA Bulls may Drive Prices to $1.90
Cardano is entering the Basho optimization phase. Already, the number of on-chain transactions surpasses Ethereum's.
Past Performance of ADA
ADAUSDT prices are within a possible double bottom formation, finding a ceiling at $1.50—a psychological resistance line. As prices recoil, buyers appear to be in charge provided prices hold above $1.20.
Cardano Technical Analysis
There are hints of recovery as per the formation in the daily chart. While ADA bulls are confident, citing fundamental factors, the pullback from $1.50 is a concern. Although aggressive ADA bulls may load the dips, better entries exist above $1.50. A break above this mark would confirm buyers of January 11, a base for a possible rally towards October 2021 lows of $1.90.
What to Expect of ADA
Cardano's ongoing development and projects readying to launch on its rails would most likely support ADA. Even with prices recoiling from $1.50, bulls have the upper hand, increasing the probability of ADA bottoming up from $1.20.
Resistance level to watch: $1.50
Support level to watch: $1.20
Disclaimer: Opinions expressed are not investment advice. Do your research.
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