Cardano Price Prediction: ADA could still climb another 18% if bulls persist
- Cardano price rallied 28% over the past two days and shows no signs of exhaustion.
- A decisive close above $1.82 – significant hurdle – will open the path for a retest of the $2 psychological level.
- If ADA breaks below the $1.40 support barrier, it will invalidate the bullish thesis.
Cardano price witnessed an exponential rally over the past two days and shows that it has the willpower to continue this ascent. ADA will face a crucial resistance barrier that will decide if the altcoin will head higher or pull back before continuing its leg up.
Cardano price at inflection point
Cardano price rallied roughly 28% after briefly consolidating from August 7 to August 9. The uptrend pushed ADA from $1.40 to $1.79 but failed to retest the $1.82 resistance level. This barrier prevented all the attempts to rise higher after the May 19 collapse. Therefore, breaching $1.82 will not be a cakewalk.
Investors can expect ADA to retrace to the $1.65 demand barrier, which will allow the buyers to recuperate and get ready for the next leg-up. A sudden spike in buying pressure around $1.65 or $1.61 is likely to restart the uptrend and an attempt to flip the $1.82 resistance barrier into a support floor.
If this move is successful, it will open the path to $2, after a 10% climb.
ADA/USDT 12-hour chart
On the other hand, Cardano price could turn bearish if the $1.61 support level is breached. This would indicate weakness among the buying pressure. This development could trigger a cascading sell-off that might push ADA down to the supply zone, extending from $1.40 to $1.50.
A decisive 12-hour candlestick close below $1.40 will invalidate the bullish thesis and might catalyze a descent to the 50% Fibonacci retracement level at $1.30.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
