Technical Analysis for ADAUSD for 28th April 2022
Cardano Slides 11%, ADA Bears Targeting $0.75
Past Performance of ADA
ADA is down to 9th on the market capitalization leaderboard and down 34 percent from April 2022 peaks. It is also flat-lining in the past 24 hours but down 11 percent versus the USDT week-to-date. Currently, ADA bears may see the coin retest March 2022 lows of around $0.75.
Cardano Technical Analysis
ADA is free-falling at spot rates, under-performing the USDT, as bears dominate. Every high within the April 26 bear bar and $0.90 could be entries for traders expecting more losses in the immediate term from an effort versus result analysis. ADA prices are below the 78.6 percent Fibonacci retracement level at spot rates. Considering sharp losses and bear momentum from April 6, sellers may reverse gains posted in March 2022.
What to Expect from ADA
Cardano's ecosystem is developing, and more dApps in DeFi are launching. In the medium term, this is bullish. While ADA may be weak at spot rates, it may recover, especially if $0.75 holds.
Resistance level to watch: $0.90
Support level to watch: $0.75
Disclaimer: Opinions expressed are not investment advice. Do your research.
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