ADA/USD has produced a choppy trading landscape in June and speculators who like to try and ride trends, and hope for them to develop into long term affairs may feel frustrated. After trading near a high of nearly 1.900000 on the 2nd of June, ADA/USD traded within the footsteps of its major counterparts and found itself at lows on the 22nd of June around the one dollar vicinity. The ability of ADA/USD to create a vast display of volatility remains a constant.
As July gets ready to begin, ADA/USD remains within the lower end of its mid-term price range. However, it is too easy to simply say Cardano is trading below the 1.35000 mark as of this writing and it is testing values last seen in late February, because a sea of whipsaw conditions has flourished within this time period. It needs to be remembered that ADA/USD was trading within sight of the 2.500000 juncture on the 15th of March.
Clearly ADA/USD has been affected like all the cryptocurrencies as nervous sentiment has proven difficult to overcome the past month and a half of trading. The over inflated exuberant highs attained by Cardano may take a long time to explore again and traders need to keep their objectives realistic. Trying to pursue a long term bullish move in ADA/USD is alluring, but the rather choppy conditions which have prevailed should serve as a warning. Traders need to understand the landscape that is confronting them and change their tactics accordingly. Because of ADA/USD’s rather turbulent results in June, short term trades may be a solid choice.
The bearish trajectory of ADA/USD remains problematic. Until Cardano is able to start busting through resistance levels and maintain a solid pace upwards, traders may want to consider simply trying to sell ADA/USD on the reversals higher. Significantly, ADA/USD has not been able to trade above the 1.450000 level since the 20th of June. Yes, Cardano was trading near the 1.200000 juncture on the 26th of June and has produced a polite move higher, but after running into resistance slightly above the 1.400000 level yesterday, ADA/USD has traced lower again.
ADA/USD remains a favorite of speculators because of its tendency to produce attractive changes of value with swift results. However as the broad cryptocurrency market remains under the shadows of nervous sentiment, it is possible Cardano will begin to lose some of its speculative luster if its range remains choppy, trading volumes should be monitored.
Cardano Outlook for July:
Speculative price range for ADA/USD is 0.970000 to 1.720000.
ADA/USD has the potential to deliver swift changes of value, if support levels are approached and the 1.300000 is tested, traders may believe the 1.250000 to 1.200000 marks could prove legitimate targets. While the broad cryptocurrency market has shown some stability the past few days, this is not the overriding characteristic via the technical trend. Mid-term price ranges remain under pressure and ADA/USD is certainly testing what can be perceived as important lows. The low of 1.000000 on the 22nd of June should remain a warning sign, but not necessarily a price goal for bearish speculators.
If ADA/USD is able to produce upwards momentum, traders may feel enticed if the 1.400000 juncture is punctured higher. But speculators should remain conservative under the present conditions if they are looking for a bullish trend to suddenly emerge. The junctures of 1.450000 to 1.500000 should be monitored carefully. If these prices see a sustained amount of trading, it is possible a shift in sentiment could be underway. If the 1.500000 mark is punctured, speculators may prove wise to try and aim for higher values. The last time ADA/USD traded near the 1.600000 mark was on the 15th of June.
