#Cardano Retracement after 50% Rally, Support at $0.37
Past Performance of Cardano
The uptrend might still be valid, and ADA is up over 50% from mid-March, but the coin could further correct from recent peaks. Notice that the coin is lower, pulling back from last week's highs. The resistance line remains at $0.41, while support is at $0.37. Any comprehensive close above those lines will shape the immediate to medium-term formation.
#Cardano Technical Analysis
Trading volumes are decent, but ADA buyers still need to build on recent gains and edge above April 26 highs of $0.42. The current rejection of higher prices means bears of April 16 to 22 may flow back, forcing the coin towards $0.37 and even $0.30 in the sessions ahead. Traders may wait for a solid close, with expanding volumes, below $0.37 before engaging. This means they are aware that more gains above $0.41 may see ADA float back to $0.45 in a bull trend continuation formation.
What to Expect from #ADA?
ADA is in an uptrend but correcting after a solid performance from mid-March. As a bear flag prints in a short-term correction printed within a broader bull trend, traders should watch how prices react at $0.37. Losses may dent Cardano bulls' sentiment.
Resistance level to watch out for: $0.41
Support level to watch out for: $0.37
Disclaimer: Opinions expressed are not investment advice. Do your research.
The uptrend might still be valid, and ADA is up over 50% from mid-March, but the coin could further correct from recent peaks. Notice that the coin is lower, pulling back from last week's highs. The resistance line remains at $0.41, while support is at $0.37. Any comprehensive close above those lines will shape the immediate to medium-term formation.
#Cardano Technical Analysis
Trading volumes are decent, but ADA buyers still need to build on recent gains and edge above April 26 highs of $0.42. The current rejection of higher prices means bears of April 16 to 22 may flow back, forcing the coin towards $0.37 and even $0.30 in the sessions ahead. Traders may wait for a solid close, with expanding volumes, below $0.37 before engaging. This means they are aware that more gains above $0.41 may see ADA float back to $0.45 in a bull trend continuation formation.
What to Expect from #ADA?
ADA is in an uptrend but correcting after a solid performance from mid-March. As a bear flag prints in a short-term correction printed within a broader bull trend, traders should watch how prices react at $0.37. Losses may dent Cardano bulls' sentiment.
Resistance level to watch out for: $0.41
Support level to watch out for: $0.37
Disclaimer: Opinions expressed are not investment advice. Do your research.
