- Course (ADA): $0.47 (previous week: $0.44)
- 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 major sell-off in May this year, Cardano was able to rally to the Fibonacci 23 retracement of $0.64, but it was not enough for further price recovery.
- ADA price has been trading in a tight range between $0.44 and $0.50 for the past few weeks.
- One of the reasons for the poor performance of the last few weeks can also be seen in the postponement of the Vasil upgrade, which is eagerly awaited by the Cardano community.
- The first relevant resistance is waiting on the upside at $0.50. A preliminary decision is planned no later than in the $0.53 area. In addition to the super trend, the EMA50 (orange) can also be found here.
- On the downside, Cardano price is well supported in the $0.43-$0.44 range. Only a sustained drop below the yearly low of $0.40 makes a next move lower likely.
Bullish scenario (Cardano)
- The course of the ADA has been moving reluctantly for the last few days. As long as the bulls can defend the red support zone at $0.44, a fresh attack towards $0.50 can be expected at any time.
- If Cardano stabilizes above $0.50, there will be a short-term directional decision at $0.53. Regaining this price mark triggers the turquoise resistance zone between $0.63 and $0.66. Cardano failed here several times in the previous months.
- If the stabilization above the 23 Fibonacci retracement based on the daily closing price is successful, investors will focus on the yellow resistance area between $0.70 and $0.75.
- Further bear camp resistance is already planned in this area, as this zone represents the wrecking edge before liquidation.
- Only when this zone can also be broken sustainably will the chart picture continue to brighten and the EMA200 (blue) should be targeted.
back to $1.00
- If there is no significant course correction here either and Cardano heads further north, the next relevant resistance area awaits in the orange zone between $0.91 and $1.00.
- For the time being, this zone should be considered as the maximum ascent target. Fresh bullish momentum from the Bitcoin (BTC) cryptocurrency is imperative for ADA price to break through this strong resistance area.
- If the bulls manage to allow the price of ADA to dynamically rise above this area, the price is likely to go straight up to $1.10. This is where the 50’s Fibonacci retracement of the general trend movement is executed.
- If Cardano stabilizes above the psychological $1.00 in the medium term, the buyer side will do its best to initiate the red resistance area between $1.19 and $1.25. There is a strong horizontal resistance here, where ADA price had already bit its teeth in the first trading months of this year.
- The long-term price objectives at $1.42 (61 Fibonacci retracements) and $1.59 are only triggered when Cardano sustainably breaks through this strong daily closing price resistance area. No further price potential can be derived from the current chart view.
Bearish scenario (Cardano):
- The bears still have the scepter in their hands, but the sell side also failed to sell Cardano below $0.43 towards the year low.
- However, as long as the price of ADA is below $1.00, further selling attacks can be expected at any time.
- If the seller manages to push Cardano price below the red support zone by the end of the day, the year low at 0.40 will come back into focus.
- The weak trading volume unchanged is an indication that the bulls have yet to enter Cardano on a sustainable basis.
The correction could extend further
- If the short side is able to break the strong support at $0.40 with renewed weakness in the broader market, the correction will extend to the lower edge of the green support zone at $0.33.
- Brave early investors are likely to make acquisitions here again. However, if this support level also breaks sustainably, an expansion of the correction in the direction of $0.26 should be planned.
- If the bulls cannot sustainably turn ADA north here as well, a sell-off between $0.17 and $0.19 in the coming months cannot be ruled out.
- As long as the red support zone around $0.43 is not breached, investors can continue to make additional purchases. A stop loss should still be set below the previous low for the year.
Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations, they are merely an analyst’s assessment.
The chart images were created using TradingView created.
USD/EUR exchange rate at the time of publication: 0.98 EUR.
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