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 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.
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
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!
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