Cardano price eyes 22% upswing as ADA bulls make a comeback

Cardano price retraced roughly 20% after it tested the $2.30 resistance barrier.
The pullback allowed the overheated market to cool down, suggesting a 20% run-up is likely.
If ADA produces a lower low below $1.72, it will invalidate the bullish thesis.

Cardano price is sticking to the rounded bottom formation as it continues to slowly scale higher. The recent run-up seems to have come undone, but the bullish thesis remains intact and investors can expect ADA to continue its uptrend.

Cardano price prepares for a bullish onslaught

Cardano price reversed its nine-week downtrend after setting up a bottom on October 27. This move indicated the start of an uptrend and a potential rounded bottom formation in play. Cardano price rose 22% between November 6 and November 9, then after tagging the $2.30 resistance barrier ADA fell back to retest the demand zone, ranging from $1.72 to $1.81.

Going forward, investors can expect Cardano price to continue its ascent. This time, however, ADA is likely to breach the $2.30 barrier and make a run for the $2.53 hurdle, roughly 22% away from the current price.

This minor upswing is likely to face a pullback after revisiting the $2.53 barrier. However, if Cardano price flips it into a support floor, investors can expect the so-called “Ethereum-killer” to make way for $2.82.

Beyond this ceiling, ADA could even retest the all-time high at $3.10, constituting a 50% ascent.

ADA/USD 1-day chart

While things are looking up for Cardano price, a retest of the $1.72 to $1.81 demand barrier will weaken it. If ADA pierces through this barrier and produces a daily close below $1.72, it will invalidate the bullish thesis by producing a lower low.

In this situation, Cardano price could explore lower and retest the $1.58 support level.

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.