Cardano Price Prediction: ADA may surge 20% if this critical level is breached
Cardano price entered the choppy zone on February 27 and showed no directional bias. Although there were deviations below the ranges, ADA seems to be reverting to the mean. A decisive close above the supply zone’s upper band at...
- Cardano price entered the choppy zone on February 27 and showed no directional bias.
- Although there were deviations below the ranges, ADA seems to be reverting to the mean.
- A decisive close above the supply zone’s upper band at $1.23 could trigger an upside move.
Cardano price anticipates a blast-off from the lower range as indecisiveness becomes a new trend. While optimistic, the upward move will arrive after the immediate resistance is broken.
Cardano price eyes 20% advance
Cardano price set up a higher high at $1.48 on February 27 after surging nearly 63%. This bullish move was met with profit-booking investors that shifted ADA to $1.15 the following day, creating the lower range.
Since February 28, the so-called “Ethereum-killer” has maintained its price movement within this range, albeit deviating from it at times.
Now, Cardano price has once again extended below the lower bounds and is eyeing a reversal. While bullish, ADA needs to slice through the immediate supply zone that ranges from $1.18 to $1.23. A decisive close above this obstacle will signal a potential spike to $1.48. This 20% upswing to $1.48 might be cut short by the 50% Fibonacci Retracement level at $1.32.
Hence, a secondary confirmation will arrive once ADA conquers the level mentioned above.
ADA/USDT 12-hour chart
While the bullish thesis hangs in the balance that ADA will repeat its past moves, it might not. If buyers fail to breach the resistance zone, a 10% correction to $1.02 might ensue. A breakdown of this level will invalidate the positive outlook and kick-start a bearish one. In this case, Cardano price might crash another 12% to $0.90, lows seen during the recent flash crash.
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