Crypto Daily – ADAUSD Cardano finds support at parity

18 February, 2022 – Cryptocurrency Cardano (ADA) prices were reversed up from the major support area found between the long-term support levels at parity of 1.0000 and the lower daily Bollinger Band. This has been responsible in reversing Cardano repeatedly from last April, as seen on the daily Cardano chart below. The successful upward reversal from the support zone last appeared in stopping the previous impulse waves (iii), 5 and (1).

ATFX-ADAUSD_180222

Given the strength of the aforementioned support area, oversold reading on the daily Stochastic indicator and the moderately bullish sentiment seen across the cryptocurrency market today – Cardano prices are expected to rise further toward the next resistance level 1.2000 (top of the previous short-term corrective wave (ii) from the start of February).

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