Technical Analysis for ADAUSD for 28th March 2022
Cardano Adds 34% as ADA Buyers Aim for $1.60 in a Buy Trend Continuation Pattern
Past Performance of ADA
The ADA price is within a bullish breakout pattern when writing, expanding 34 percent in the past week of trading versus the USDT. Technically, Cardano buyers are squarely in charge buoyed by rising trading volumes as per the candlestick arrangement in the daily chart. Overall, there seems to be more upside pressure for ADA in short to medium term, a net positive for Cardano buyers.
Cardano Technical Analysis
Cardano prices are back to H2 2021 trade range following gains in the third week of March. With upbeat bulls and firm ADA prices above the $1 psychological support, traders may find entries on dips within last week's trade range. Already, the upside is with rising trading volumes and bull bars banding along the upper BB pointing to demand. A close above $1.20 and last week's high would accelerate the spike towards Q1 2022 highs of $1.60.
What to Expect of ADA
The Cardano ecosystem continues to develop, reading from its DeFi TVL and NFT count, fanning demand for ADA. If last week's gains lead, the coin could spring higher provided prices hold above $1.
Resistance level to watch: $1.20 and $1.30
Support level to watch: $1
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