ADA/US is hovering within the higher realms of its mid-term values and fast trading conditions are likely to continue short term. The past week of trading has seen Cardano climb towards prices which are within sight of its highest values, but ADA/USD has not been able to attain entrance into this upper technical track quite yet.
ADA/USD flirted with values near the 1.340000 vicinity over the weekend and yesterday, but highs made in the middle of March and late February remains elusive for the moment. ADA/USD has certainly seen a strong wave of speculative buying and traders who continue to foster bullish sentiment have reasons to be encouraged as they target higher values, but reversals lower remain part of the trading landscape and continue to produce volatile results.
At its current price levels traders who have been pursuing speculative higher moves may be wondering if the power generated upwards is going to run out of momentum. ADA/USD will have to be able to crack the 1.340000 resistance level up above to convince some speculators it has the ability to challenge highs made in mid-March when the 1.475000 level was tested.
Cryptocurrency traders may need to practice some form of patience in order to see the mid-March values attained. The broad cryptocurrency market continues to be dominated by bullish activity, so ADA/USD may be positive about the current price direction, but visions of record values should be put to the side momentarily and more realistic resistance levels should be considered first.
Trading ADA/USD takes speculative fortitude and aiming for highs may be the natural tendency, but experienced speculators also know that being overly greedy when trading can produce costly losses. Traders are reminded to take profits from time to time and not let their visions of castles and fast cars fog their thinking, because cashed in winnings are far better than watching positive trades turn negative. In other words having realistic price targets is essential for profitable trading long term.
Cautious traders who believe ADA/USD continues to enjoy positive sentiment cannot be faulted, but they might want to wait for slight pullbacks in the market and launch their buying positions using support levels as their chosen entry points. ADA/USD remains within the clutches of bullish sentiment certainly, but traders need to understand volatility is still rampant. The use of stop losses and takes profit orders when pursuing higher moves is a good tactical decision.
Cardano Short Term Outlook:
Current Resistance: 1.320000
Current Support: 1.291000
High Target: 1.335000
Low Target: 1.288500
