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ADA/USD has seen a flurry of price action this week like all the major cryptocurrencies, but after hitting short term lows yesterday Cardano has sparked slightly higher.
As of this writing ADA/USD is traversing slightly above the 51 cents level. Cardano remains a wickedly quick moving cryptocurrency. Any speculator contemplating its price range and participation needs to be able to use all of their risk management skills, to make sure they are prepared for the speed of ADA/USD. A low of nearly 44 and half cents was produced yesterday.
While Cardano certainly remains within a long term battle via the headwinds from a strong bearish trend, ADA/USD occasionally is able to produce slight reversals higher. ADA/USD is near its long term lows and values from early February of 2021 are plainly in sight. The past few days have seen Cardano flirt with marks of 43 and half cents, but ADA/USD has not suffered a fall to January 2021 prices as of yet, where prices like 33 cents can be seen via long term charts.
However this ability to stay above the depths of January 2021 prices may in fact be a warning sign. Skeptical traders who have a taste and belief that more downside price action will develop near term, may be looking at the current price of ADA/USD and view it as a potential ignition point for selling positions. Resistance currently resides near the 52 and a quarter cents ratio. If the 52 cents level is not able to be surpassed in the short term and the broad cryptocurrency market takes another downturn, ADA/USD could certainly aim for lower depths in a blink of the eye.
Speculative conditions within ADA/USD near term are going to remain ultra-dangerous to wager within. Current support near the 50 and half cents mark is nearby and if this value falters traders may have a strong belief the 50 cents price will prove vulnerable too. Speculative conditions in ADA/USD do create hyper fast changes in value, and stop loss and take profit orders need to be part of the trading arsenal in order to create some protection.
ADA/USD is frequently able to produce reversals higher after hitting support levels which are attractive. Technical traders however are faced with the dilemma of trying to time the precise level support levels will spur on temporary moves higher in the face of what has proven to be a long lasting bearish nightmare. Speculators who are intent on participating in Cardano may simply want to continue to wager on downside price action, and this cannot be faulted. Traders could use current resistance levels which are not able to see sustained price action above, as a place to consider shorting Cardano near term.
Cardano Short-Term Outlook
Current Resistance: 0.52250000
Current Support: 0.50620000
High Target: 0.53890000
Low Target: 0.47350000
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