Cardano prices are still within a tight horizontal consolidation at spot rates.
The coin is stable in the past 24 hours, adding three percent but down six percent versus the USDT in the past trading week. Nonetheless, there are encouraging hints of strength at press time since there are higher highs relative to the lower BB.
Most traders are apprehensive because the primary trend is still bearish and ADAUSDT is within the May 18 bear bar. From the daily chart, ADA has an immediate resistance at $0.60.
Weiss Ratings: Cardano is Resilient
In a recent assessment, Weiss Ratings said that the crypto landscape is competitive, but Cardano has proven to be resilient. Cardano, the rating firm added, has never stopped building regardless of market conditions. At the height of the crypto winter of 2018, Cardano didn’t buckle, considering the high rate of well-capitalized projects folding and draining investor funds.
In a tweet,
“They became one of the best-performing assets when the next crypto bull rolled around. Today the network is better than ever. Larger than ever. The updates continue. The roadmap is still being executed on. Delays persist, but it does not deter them.”
Even though ADA prices have more than halved, retracting from all-time highs of around $3.1, Cardano proponents are hopeful. It is especially the case with the activation of smart contracts. At present, over 500 projects, according to Charles Hoskinson, plan to launch after the upcoming Vasil Hard fork is executed, further refining Cardano’s scalability.
Cardano Price Analysis
Cardano is steady and inching higher at spot rates, unwinding recent losses. Overall, ADAUSDT is in a tight trade range, defined by the wide-ranging bear bar of May 11 and 12. In the short term, ADA prices are within the May 18 bear bar. As such, the coin is technically bearish.
However, the trend could quickly shift should there be a high volume close above $0.60, unwinding May 18 losses. Such a move would also set the base for a retest of May 11 highs of around $0.65.
From an effort versus result perspective, gains above the $0.60 and $0.65 zone would nullify bears, drawing in demand. In that case, the bounce may drive ADA towards March 2022 lows of around $0.76.
Based on the current trend, sellers have the upper hand. Losses below $0.50 may trigger more sell-offs, pushing ADA towards 2022 lows of $0.40.
Technical charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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