Cardano Price Prediction: ADA bulls attempt retest of $1.50
Cardano price is currently hovering above the trading range’s midpoint at $1.304. The MRI’s sell signal indicates a minor pullback to $1.251 could be around the corner. ADA could invalidate the bullish thesis if it slices through the $1.149...
- Cardano price is currently hovering above the trading range’s midpoint at $1.304.
- The MRI’s sell signal indicates a minor pullback to $1.251 could be around the corner.
- ADA could invalidate the bullish thesis if it slices through the $1.149 support level.
Cardano price is currently hovering around a crucial support level, but a minor pullback before a new leg up seems likely. Therefore, investors can expect ADA to correct critical demand barriers.
Cardano price looks bullish
Cardano price rallied 37% since July 20, but the last leg up failed to create a higher high. Although this might seem bearish, the lower high could be preparation for the incoming correction after the recent exponential climb.
Moreover, the Momentum Reversal Indicator (MRI) has flashed a sell signal in the form of a red ‘one’ candlestick on the 6-hour chart. This technical formation suggests that a one-to-four candlestick correction may be in the cards.
If the selling pressure increases, leading to a correction, investors might see ADA drop below the 50% Fibonacci retracement level at $1.304. In some cases, the $1.251 support level seems like the likely candidate for a reversal.
A potential spike in buying pressure around this barrier could kick-start a new uptrend that retests the supply zone ranging from $1.44 to $1.50. This move could represent a 20% climb from $1.251.
ADA/USDT 6-hour chart
While things seem calm for ADA and optimistic, they could go awry if the $1.251 support level is breached. This move would indicate a weak buying pressure and open the path to $1.195 and $1.149.
If the bearish momentum slices through the $1.149 demand barrier, it will invalidate the bullish thesis and trigger further downward movement for the so-called “Ethereum killer.”
https://youtube.com/watch?v=P5-1-lqtlU4%3Frel%3D0
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
