Technical Analysis for ADAUSD for 23rd May 2022
Cardano Prints Higher Highs, ADA Ceiling at $0.60
Past Performance of ADA
When writing, Cardano prices are in a $0.20 trade range and within a bear breakout continuation pattern. Despite gains over the past 24 hours, ADA bulls haven't satisfactorily reversed losses posted in the first half of May 2022. Technically, ADAUSDT remains in a bear breakout formation pattern with attempts for higher highs capped at $0.60.
Cardano Technical Analysis
Even though Cardano bulls are upbeat, prices have a tough liquidation ceiling at $0.60 to overcome. At spot rates, there are higher highs. However, prices are still within a $0.20 price range, primarily inside the wide-ranging bear candlesticks of May 11, 12, and 18. If ADA bulls are to take charge, there must be a comprehensive close above $0.60 and $0.65 with rising trading volumes for trend formation. In that case, ADA may inch higher, signaling the end of the bear run as prices bottom-up after climactic losses of May 11 and 12. On a more cautious outlook, prices have support at around $0.50. A close below this line may trigger a sell-off forcing ADA prices to $0.40 in a bear continuation pattern, consequently diffusing the upward pressure.
What to Expect from ADA
ADAUSDT is in range with caps at $0.60 and $0.50, respectively. Until there are sharp gains or losses below key reaction levels, bears are still in control.
Resistance level to watch: $0.60
Support level to watch: $0.50
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