Breaking: Cardano price surpasses $1 for the first time in over a month
|Cardano price has gained enough bullish pressure to break through the psychological $1 resistance barrier. This is the first time in over a month that ADA is able to overcome such a significant hurdle, allowing it to gain a lot of attention from market participants. Still, the so-called "Ethereum killer" could be bound for a brief correction before it advances further.
The Tom DeMark (TD) Sequential indicator currently presents a sell signal on ADA's daily chart. The bearish formation developed as a green nine candlestick, which is indicative of a one to four daily candlesticks retracement before the uptrend resumes. A spike in profit-taking could help validate the short-term pessimistic outlook, pushing Cardano price to $0.98 or even $0.96.
ADA/USD daily chart
Despite the short-term bearish thesis that the TD setup presents for Cardano price, there are a few indicators that point to further gains on the horizon. Watch the video below to understand what may invalidate the sell signal on ADA's daily chart and what could be the next bullish target.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.