Cardano Hits Tipping Point, ADA Cryptocurrency Likely To Retest $1.45 USD
Cardano price has seen a massive increase in buying pressure in the last five days and shows signs that this trend may continue. The ADA cryptocurrency needs to overcome a crucial hurdle to confirm the persistence of the bullish outlook.
- The Cardano price saw a 26% increase to $1.35 USD between January 10 and 13.
- As the ADA retests the $1.35 barrier for the fourth time, there could be a breakout, triggering another leg.
- A breakdown of the weekly support level at $1.20 could undermine the bullish thesis.
Cardano price at start or stop point
The Cardano price increased by around 26% between January 10 and 13, reaching a maximum of $1.35 USD. Shortly after, the ADA cryptocurrency pulled back 10% and reversed the trend, causing a full reversal and a retest of the $1.35 barrier.
From January 4 to 16, the ADA cryptocurrency tagged this barrier five times. So, there is a good chance that this level has weakened and the most recent retest can break through. Assuming the bulls pass, Cardano price would break the $1.38 barrier and collect buy stop liquidity above it.
In a very bullish case, the ADA cryptocurrency will race towards the weekly resistance barrier present just below the 4-hour supply zone, which ranges from $1.46 to $1.52 USD. Although ADA may not retest $1.52 USD, there is a good chance Cardano price will break the $1.46 USD hurdle, bringing the total upside to 9% from the current position.
The move would suggest that the five-month downtrend could be due for a reversal and investors can expect the ADA cryptocurrency to begin its bullish regime.
Cardano 4-hour chart (ADA/USDT)
On the other hand, if the Cardano price does not break the $1.35 USD barrier, it will indicate that the hurdle is difficult. This rejection could lead to a downtrend that retests the weekly support level at $1.20 USD. Here, the buyers may rally for a comeback, but a 4-hour candlestick just below will undermine optimism and likely invalidate the bullish thesis.
In such a case, the ADA cryptocurrency could bounce off a daily demand zone, which ranges from $1.20 to $1.02 USD.
By Akash Girimath, FXStreet
Akash has been working in the crypto industry as a content writer and analyst for over two years. He is a mechanical engineer interested in emerging technologies and financial markets. Drawn by the chaos of trading, he invested in cryptocurrencies and keeps a small cryptocurrency fund for his friends and family.
The opinions expressed herein are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and trading move involves risk, you should do your own research when making a decision.
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Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or solicitation to buy or sell forex, CFD and cryptocurrency contracts. . Although the information contained in this document has been obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect, or consequential damages that may result from anyone’s reliance on such information. information.
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