ADA/USD is ready to begin April’s trading within sight of prices not seen for nearly two months, but Cardano still remains in a technically suspicious range.
ADA/USD is trading near the 1.19000000 mark as of this writing and the month of April approaches. On the 13th of March Cardano was trading near important long term lows around the 75 cents level. However as the broad cryptocurrency market has turned higher, ADA/USD has followed in step and made short term resistance appear vulnerable. The current price of Cardano is now near values seen in the middle of January and the first week of February.
ADA/USD achieved its record highs in early September of 2021 when it traded above the 3.00000000 ratio. Cardano remains seemingly miles away from these apex highs and if a trader has a long term technical approach, ADA/USD can be perceived very easily to still be within the lower part of its long term price range. The question for speculators is if the nervous sentiment which created a very strong bearish trend is finally shifting.
The ability of ADA/USD to incrementally rise in the last two weeks of March is intriguing. When ADA/USD was able to puncture the 1.00000000 mark on the 22nd of March it did see more bullish momentum gather as buying was triggered. A positive technical indication in the near term has been the ability of Cardano to sustain this upward move, and not suffer a sudden wave of violent profit taking. This may indicate traders of ADA/USD believe additional upside could transpire.
The current price levels of Cardano are important as it flirts with important mid-term resistance. If ADA/USD is able to break above the 1.25000000 level and show it has the stamina to sustain this ratio, it could spark additional positive sentiment the cryptocurrency. Certainly Cardano has moved nearly in step for step motion with the broad digital asset market, but if it can break above mid-term resistance and begin to challenge prices from the middle of January this would be a dynamic sign that sentiment is speculative and bullish.
Speculative price range for ADA/USD is 0.790000 to 1.570000.
Current support levels for ADA/USD should be monitored. If the 1.10000000 begins to be tested this may be a slightly negative sign. If the 1.08000000 were to suddenly be seen and further erosion were displayed, this could cause some recent speculative buyers to simply cash in existing profits. If the 1.00000000 were to be tested, this would certainly be negative. It will be important for ADA/USD to maintain values above the 0.9300000 junctures, if these cannot be held this would indicate selling pressure is mounting again for Cardano.
ADA/USD remains within an important testing ground. Even as Cardano’s major counterparts have been able to trade near important mid-term resistance and show an ability to actually penetrate these values higher, ADA/USD has yet to accomplish this task. The price range between 1.15000000 and 1.50000000 may prove crucial during the month of April if positive price action continues to build. If a realistic challenge to the prices of mid-January were to be seen this would be very positive.
Traders should keep in mind the velocity of price movement. ADA/USD has the capability to move quickly and it is still within the lower tier of its long term price range. Yes, Cardano did suffer long term lows in the middle of March, but its ability to climb higher and break above the 1.00000000 level is important. If the current price action of ADA/USD is able to be sustained, Cardano could provide speculators with intriguing volatility upwards if traders decide the cryptocurrency remains undervalued in its current price range.