2021-05-06 16:47:45

Fast Conditions Have Cardano Record Values in Sight

ADA/USD has demonstrated fast trading conditions early today, and record highs touched on the 14th of April are within sight.

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ADA/USD is trading near 1.490000 as a dynamic market forces rage. Having made an all-time high on the 14th of April of approximately 1.55700, Cardano is pressing up against and testing important resistance levels. The broad cryptocurrency market remains exuberant among many major digital currencies, and ADA/USD has certainly joined this party.

Volatility is a staple of ADA/USD; after achieving record highs in the middle of April, Cardano reversed lower in a strong fashion and traded close to 91 cents on the 23rd of April. However, in the past week-and-a-half of trading, ADA/USD has incrementally climbed and in the past two days has exhibited significant speculative buying.

Traders may target the 1.500000 level, and the perspective that it is an important inflection point for ADA/USD may prove to be true. If this value sees sustained trading, it may signal that another buying wave can be produced. Cardano does have a significant amount of backers and it is maintaining its rather impressive market capitalization as the 7th ranked digital currency well.

Short-term speculators who want to pursue the bullish trend of ADA/USD but have a cautious approach may want to wait for an additional pullback to prices which were seen early today near the 1.430000 mark. However, aggressive traders who believe upwards momentum is not about to suddenly vanish may be willing to enter ADA/USD near values the cryptocurrency is currently within vicinity. Limit orders need to be used when trading Cardano, because like all other cryptocurrencies, it is a volatile asset.

From a technical viewpoint, support near the 1.435000 to 1.400000 junctures could prove imperative if they are tested. The rather quick movements of ADA/USD higher do open the door for reversals and the potential of sudden lower values.

However, from a speculative viewpoint, ADA/USD certainly remains within a bullish trend that has dominated the landscape the past few months. Yes, traders need to be wary of spikes downwards which can potentially develop in a split second, but buyers of Cardano continue to prove their fondness for speculating on ADA/USD. Traders cannot be faulted in the short term for pursuing what they perceive as optimistic outlooks. Speculators who do decide to be buyers, however, are urged to also have their take-profit orders working so potential winnings do not evaporate.

Cardano Short-Term Outlook:

Current Resistance: 1.516000

Current Support: 1.435900

High Target: 1.561000

Low Target: 1.402300

ADA/USD

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