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27/06/24
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Technical Outlook on the Performance of Cardano (ADA)
The chart of ADA/USD shows that the bulls tried to initiate a recovery move past the $0.365 area. However, they could not push ADA clearly past the barrier area at $0.40. ADA was able to reach levels as high as $0.3967 prior to the bears initiating a new move to the downside.
They pulled ADA beneath two support levels, including $0.388 and $0.3865. There was a fall beneath the 23.6% Fibonacci correction level of the upswing from $0.362 swing low to $0.3967 high.
A look at its 1-hour chart shows that ADA broke beneath a major bullish trend line with a support level at $0.3845. Its current performance is at levels beneath $0.385, as well as below the 100 hourly SMA. The ability of the bulls to initiate a new upside move may lead to a barrier level close to the $0.385 area.
The initial barrier level is close to $0.388, while the immediate key barrier level may be encountered at $0.40. If ADA closes past the barrier level at $0.40, the bulls may be able to initiate a more significant upside move. In such a situation, ADA may be pushed toward the $0.415 area. If there are any additional gains, the bulls may be able to pave the way for a move toward $0.425.
On the other hand, the failure of the bulls to push ADA clearly past the barrier level at $0.385 may empower the bears to keep its performance towards the downside. The next support level on the way downward is close to $0.3795 or the 50% Fibonacci correction level of the upswing from $0.362 swing low to $0.3967 high.
The immediate key support level is close to $0.37. If ADA breaks beneath $0.37, the bears may be able to pave the way for a visit to $0.350. The immediate key support level is close to $0.335.
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