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18/07/24
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Technical Outlook on the Performance of Cardano (ADA)
The chart of ADA/USD shows that the bulls were able to provide momentum for upside moves past the barrier area at $0.40 over the past few days. They pushed ADA past two barrier levels, including $0.42 and $0.425.
The bulls remained active thereby pushing ADA clearly past the barrier level at $0.45, followed by a visit to $0.465. ADA was able to reach levels as high as $0.468 prior to initiating the current correction of gains.
The bears swung into action and pulled ADA beneath two support levels, including $0.445 and $0.44. A look at its 1-hour chart shows that it broke beneath a major bullish trend line with a support level at $0.44.
ADA was able to reach levels as low as $0.4359 and then started trading within a range. A look at its 1-hour chart shows that its current performance is at levels above $0.432, as well as above the 100 SMA.
The ability of the bulls to initiate a new upside move may lead to the barrier level close to the $0.4465 area, as well as near the 50% Fibonacci correction level of the fall from $0.4568 swing high to $0.4359 low.
The initial barrier level is close to $0.45, while the immediate major barrier level may be encountered at $0.465. If ADA closes past the barrier level at $0.465, the bulls may be able to initiate a new significant upswing. In this situation, they may be able to push it towards the $0.488 area. If there are any additional gains, they may be able to pave the way for a move towards $0.50.
On the other hand, the failure of the bulls to push ADA clearly past the barrier level at $0.4465 may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $0.436.
The immediate key support level is close to $0.425. If ADA breaks beneath $0.425, the bears may be able to pave the way for a visit to $0.405. The immediate key support level is close to $0.40.
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