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Crypto Update: Can Cardano continue to hold from 1.200?

Published: 06.01.2022
by Joseph Jeffriess

Hi traders, today we are looking at Cardano, as buyers continue to defend from support seen at 1.200.

This week we have seen plenty of seller pressure on crypto markets. Sellers really took hold as traders jumped out or risk due to a hawkish Fed. ADA saw a strong move lower yesterday that has continued today. Price has moved back to the 1.200 area which has been real safe heaven for buyers so far. Since December, we have watched buyers defend this area with plenty of vigour. Since December we haven’t seen sellers force a close below 1.200.

If buyers can continue to hold out and if momentum starts to swing back to crypto and risk, could we see a new rally from on Cardano from the latest hold? The last rally that formed the LH was short and sweet and showed sellers controlled price above 1.530. Levels don’t always last, if momentum continues lower and the current level breaks will we see 1.017 support come back into play if reached by a new break lower?

Cardano D1 Chart

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