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Cardano could rise to $3.16, but must first reclaim this level

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  • Bulls mantained support for a second consecutive week for Cardano.
  • ADA price favored the bulls, however, it faced headwinds from the monthly Pivot Point and the 55-week SMA near $2.40.
  • If the bulls could close above $2.50 in ADA, a new rally would emerge targeting 30% of the gains.

Cardano (ADA) price has had a second positive week with gains, still limited below the rising trend line. Cardano (ADA) bulls should push price action above that trendline, while the $2.00 level has already served as an entry point for bulls twice. When Cardano (ADA) price gains a daily or even weekly close above $2.50, the bulls enter and form another bullish move that could continue with a 30% price gain.

Cardano

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ADA prepares for the second phase of the bullish move.

The bulls re-entered the $2.00 region of Cardano’s price action for the second consecutive week. A rising trend line that originated in mid-July capped bulls’ gains. Bulls must attempt a second time to get the ADA price action above this level in order for a second phase of the bullish move to begin.

Cardano (ADA) price was rejected twice, around $2.40, in conjunction with monthly pivot point. The the 55-week simple moving average limiting further gains for the bulls. Cardano (ADA) bulls would flock to be part of the next move towards $3.00, offering 30% gains in Cardano price action, if this region breaks above.

On the other hand, Cardano (ADA) price action could start to fade if the bulls fail to break above the rising trend line. A retest of $2.00 would not hold this time, since the bulls have worn down the level as an entry point. The move towards $1.90 would execute stop orders from the bulls and accelerate any selling with a drop towards $1.68.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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