Cardano price could still see a 10% weekly profit by Sunday
|- Cardano price has undergone a very volatile move.
- ADA sees bears still active at defending the topside.
- Bulls are getting involved as new lows are being printed after three weeks of continuous new lows.
Cardano (ADA) price is currently mostly unchanged for the week after some fierce whipsaw price action that resulted at one point in a 10% gain or a 5% loss for the week. With price action very close to where it opened on Monday, it could still go either way. Seeing the current move in Bitcoin this Friday, expect to see some tailwinds come in for Cardano, which might see a retest at that high of $0.37 for a 10% gain by Sunday.
Cardano price sees bulls getting involved after a long absence
Cardano price could still trade higher and close this week off in the green. It would be a welcome change in events after ADA already printed three red weeks in a row. Furthermore, it would be vital to see this candle at least refrain from dipping below last week's lows as this would be a clear-cut sign that bulls are underpinning the price action and moving the needle to the upside.
ADA bulls have a very big hurdle to take out $0.37 with the 55-day and the 200-day Simple Moving Averages (SMAs) just inches away from each other. The double top already triggered a rejection earlier this week. With sentiment still very fragile, expect possibly 10% upside but nothing more as it is too premature to start thinking of breaking this important resistance just yet ahead of some important events next week.
ADA/USD weekly chart
Risk to the downside would come in the form of ADA further eking out losses with a breach below $0.316. The risk here would be that bears go all in to push price action toward $0.30, creating a double bottom with the candle from last week. It would make sense as the rejection earlier this week was a perfect entry point for bears to run price action into the ground with a 12% loss between now and $0.30.
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