According to the price analysis by John Todorov, a senior trader at dagx.live crypto trading platform, Cardano (ADA) is facing profit-booking near the overhead resistance of $0.0560221. The pullback on dipped below $0.05, which triggered his buy recommendation given in the previous analysis. While the bulls bought the dips, failure to scale above $0.0560221 will again attract profit booking.
The bears will again try to sink the ADA/USD pair below the moving averages. If successful, a drop to $0.0433229 is possible. A breakdown of this level can drag the price to $0.0357780. Hence, the traders can keep the stop loss on the long positions at $0.043. Todorov from dagx.live will trail the stops higher at the first available opportunity.
If the pair can bounce off the moving averages and scale above $0.0560221, a rally to $0.065229 is likely. A breakout of this resistance will be a huge positive.