FXNEWS24 |Cardano Slips to $1.5700 – Brace for a Breakout Trade

The ADA/USD closed at $1.6015, after placing a high of $1.6348, and a low of $1.5582. The ADA/USD also followed the prevailing market trend, moving

The ADA/USD closed at $1.6015, after placing a high of $1.6348, and a low of $1.5582. The ADA/USD also followed the prevailing market trend, moving higher for the third consecutive session on Monday. After dropping to its lowest level since August, the ADA/USD surged in the subsequent session.

Cardano is working, together with its community, on a project named CardanoEvo, to create a token that delivers rewards in ADA, while also protecting user investments from bots and whales, and delivering investment stability. The token-holding community is rewarded with a new and innovative form of token rewards, but so far, there has never been a project that has managed to create a community that is strong enough to work on the design with the development team, which makes Cardano the very first of its kind to do so.

The project was funded in May 2021, and, since its inception, it has successfully launched both its website, EvoDashboard, and a Merchandise store. This has been driving the prices of the Cardano token, ADA, to the upside recently.

Furthermore, the prevailing positive sentiment in the market also added to the rising prices of ADA/USD on Monday. However, the gains were limited, due to the rising strength of the US dollar. The greenback was high on board, due to its safe-haven status, amid the accelerated spread of the Omicron variant. The increasing value of the greenback limited any rise in the prices of the ADA/USD on Monday, due to the negative correlation between the two.

Cardano price forecast – Pressure from a downtrend trendline

The ADA/USD coin is facing strong resistance at the 1.6270 level, having fallen to the 1.5627 support level pretty quickly. A breakout at 1.1527 could expose the ADA/USD pair to levels of 1.5000 and 1.4225 on the lower side.

On the higher side, a breakout at the 1.6250 level could drive an uptrend until the 1.7585 level. Further to the upside, a breakout at 1.7585 could lead the price of ADA/USD towards the 1.8536 level.

Daily Technical Levels

Support Resistance
1.5616 1.6382
1.5216 1.6748
1.4850 1.7148
Pivot Point: 1.5982On the lower side, a breakout at the 1.5457 level might open up further room for selling until 1.4224. So let’s wait for a breakout before entering the market. Good luck!

Cardano Slips to $1.5700 – Brace for a Breakout Trade

Cardano price forecast – Pressure from a downtrend trendline

Daily Technical Levels

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