This website uses cookies to ensure you get the best experience on our website

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

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020