Technical Analysis for ADAUSD for 25th July 2022
Cardano Reverses from $0.55 but Bulls are Upbeat
Past Performance of ADA
Cardano buyers are still in the driving seat when writing, adding six percent in the past trading week despite losses in early July 25 sessions. Technically, ADA prices have more headroom and could register more gains in the sessions ahead following the reversal of losses posted in the second half of last week. From the daily chart, the July 18 bull bar is defining and a surge above the $0.55 level would confirm gains and trigger more ADA demand.
Cardano Technical Analysis
Buyers are upbeat and may propel prices higher in a bullish breakout formation. Per the candlestick arrangement in the daily chart, the immediate support level is at around $0.50. The reaction at this round number and the middle BB seems to be anchoring the current state of price action and acting as a loading point from where buyers can ramp up. Going forward, traders may continue finding entries on dips, targeting June 2022 highs at $0.66 in the medium term especially if there is a solid gain above $0.55, or last week’s highs. Conversely, any sharp dump, sustained below $0.50 with rising trading volumes, would shatter bulls' confidence, triggering a sell-off towards $0.45.
What to Expect from ADA
ADA prices may likely continue outperforming the markets in the short to medium term, propped by fundamental factors. Therefore, any correction toward $0.50 could provide ideal entry points for aggressive bulls.
Resistance level to watch: $0.66
Support level to watch: $0.50
Disclaimer: Opinions expressed are not investment advice. Do your research.
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