- 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.
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.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP stabilize as SEC Crypto Task Force prepares for First roundtable discussion
Bitcoin (BTC) price hovers around $84,500 on Friday after recovering nearly 3% so far this week. Ethereum (ETH) and Ripple (XRP) find support around their key levels, suggesting a recovery on their cards.
XRP sees growing investor confidence following SEC ending legal battle against Ripple
Ripple's XRP trades near $2.43 on Thursday after seeing a rejection at the $2.60 resistance. The remittance-based token has seen a 400% growth in network activity since the beginning of March. The growth may continue, considering the SEC recently dropped its appeal against Ripple.
SEC confirms Proof-of-Work crypto mining doesn't fall under securities laws
The Securities & Exchange Commission's (SEC) Division of Corporation Finance released a statement on Thursday clarifying its position on proof-of-work (PoW) crypto mining.
Swiss National Bank rejects Bitcoin reserve proposal
Swiss National Bank has rejected a proposal to adopt Bitcoin as a reserve asset, citing concerns over volatility, security, and liquidity.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.