- Course (ADA): 0.47 USD (Previous week: 0.44 USD)
- Resistances/Goals: $0.50, $0.53, $0.58, $0.70, $0.75, $0.92, $1.00, $1.10, $1.19, $1.25, $1.42, $1.59
- Support: $0.44, $0.40, $0.33, $0.26, $0.19
- After the significant sell-off in May of this year, Cardano was able to recover in the meantime up to the 23 Fibonacci retracement at $ 0.64, but it was not enough for more price recovery.
- The ADA rate has been trading in a narrow trading range between $0.44 and $0.50 in recent weeks.
- One of the reasons for the weak performance in recent weeks can also be seen in the postponement of the Vasil upgrade, which is eagerly awaited by the Cardano community.
- On the upside, the first relevant resistance is waiting at $ 0.50. At the latest in the range of 0.53 USD it is necessary to plan with a preliminary decision. In addition to the supertrend, the EMA50 (orange) can also be found here.
- On the downside, Cardano’s price is well supported in the range between $ 0.43 and $ 0.44. Only a sustained relapse below the annual low at $ 0.40 makes a next downward movement likely.
Bullish scenario (Cardano)
- The ADA course has been trading listlessly sideways in recent days. As long as the bulls can defend the red support zone at $ 0.44, a new attack towards $ 0.50 can be expected at any time.
- If Cardano stabilizes above the $ 0.50, a short-term directional decision occurs at the $ 0.53. A recapture of this price mark activates the turquoise resistance zone between $ 0.63 and $ 0.66. Cardano failed here several times in the previous months.
- If stabilization succeeds above the 23 Fibonacci retracement on a daily closing price basis, the yellow resistance area between $ 0.70 and $ 0.75 will become the focus of investors.
- Already in this area, it is necessary to plan with increased resistance of the bear camp, since this zone represents the demolition edge before the sell-off.
- Only when this zone can also be broken sustainably, the chart picture brightens further and the EMA200 (blue) should be targeted as a target.
Back towards $1.00
- If there is no significant price correction here either and Cardano continues to head north, the next relevant resistance area is waiting in the orange zone between $ 0.91 and $ 1.00.
- For the time being, this zone is to be regarded as the maximum ascent target. New bullish impulses of the crypto reserve currency Bitcoin (BTC) are absolutely necessary to make the ADA price rise through this strong resistance area.
- If the bulls then succeed in allowing the ADA price to rise dynamically above this range, a direct price jump up to $ 1.10 is likely. This is where the 50 Fibonacci retracement of the overarching trend movement takes place.
- If Cardano stabilizes above the psychological $ 1.00 in the medium term, the buyer side will do everything possible to enter the red resistance area between $ 1.19 and $ 1.25. There is a strong horizontal resist here, where the ADA price had already bitten its teeth in the first months of trading this year.
- Only if Cardano breaks through this strong resistance area sustainably at the close of the day, the long-term price targets will activate at 1.42 USD (61 Fibonacci retracement) and 1.59 USD. More price potential cannot be derived from current chart analysis.
Bearish Scenario (Cardano):
- The bears still have the scepter in their hands, but the seller’s side also failed to sell Cardano back below the $ 0.43 in the direction of the annual low.
- However, as long as the ADA price is capped below $ 1.00, renewed sales attacks can be expected at any time.
- If the seller manages to push the price of Cardano below the red support zone at the end of the day, the annual low at 0.40 will come back into focus.
- The unchanged weak trading volume is an indication that the bulls have not entered Cardano sustainably so far.
The correction could expand further
- If the seller side can break through the strong support at $ 0.40 in the event of renewed weakness in the overall market, the correction will extend to the lower edge of the green support zone at $ 0.33.
- Here, the first courageous investors are likely to make purchases again. However, if this support level is also broken sustainably, a correction expansion in the direction of $ 0.26 should be planned.
- If the bulls are unable to turn the ADA price to the north in a sustainable manner here as well, a sell-off up to the range between USD 0.17 and USD 0.19 in the coming months cannot be ruled out.
- As long as the red support zone in the area of $ 0.43 is not undershot, investors can continue to make purchases. A stop loss below the previous annual low should nevertheless be set mandatory.