ADA/USD: Move Higher Past Week May Signal Additional Highs

In the past week of trading, ADA/USD has proven it has the ability to reignite speculative buying and is now signaling another potential push higher.

After testing lows of nearly 1.035000 on the 25th of March, ADA/USD has been able to correlate with the broad cryptocurrency market nicely and achieve a move higher. Intriguingly, Cardano is still within the midst of its one-month values based on a technical chart. Having achieved a high of approximately 1.470000 on the 18th of March, which tested late February highs, ADA/USD from a speculative point of view has further room to climb.

The current higher resistance junctures of 1.240000 to 1.270000 appear to be important ground for ADA/USD. However, before those values are tested, ADA/USD has to show it can puncture the current short-term resistance levels, which Cardano is hovering slightly below.

Speculative sentiment has increased within the past week, and the capability of not trading below the 1.000000 mark in earnest since the third week of February may be building confidence among traders of Cardano. Technically, ADA/USD is very interesting, and its current value in early trading this morning is showing signs of being able to swim within the higher elements of its short-term range.

If USD/ADA can sustain its value above the 1.2000000 juncture and prove durable within this vicinity, traders may be tempted to pursue higher prices with buying positions. Cardano remains highly speculative and traders need to remain calm when they seek higher values, which means they should not be too greedy and be willing to cash in winning positions and not watch them evaporate into thin air.

The use of limit orders is important with ADA/USD. However, it must be said that the cryptocurrency has provided a rather stable trading environment the past week in which support levels have proven durable with the 1.150000 mark serving as a solid base for traders to monitor.

With current market enthusiasm displaying bullish sentiment, it is rather easy to become enthralled with the notion of speculating on the likes of ADA/USD and pursuing bullish momentum. However, cryptocurrencies remain an endeavor which carry risk for traders and need to be acknowledged at all times. The next few days of trading within ADA/USD may produce volatility along with a large portion of the broad cryptocurrency market. Buying ADA/USD on slight pullbacks appears to be a speculative wager worth considering short term.

Cardano Short-Term Outlook:

Current Resistance: 1.218000

Current Support: 1.174500

High Target: 1.252300

Low Target: 1.124000

ADA/USD

Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.