- Cardano price entered the choppy zone on February 27 and showed no directional bias.
- Although there were deviations below the ranges, ADA seems to be reverting to the mean.
- A decisive close above the supply zone’s upper band at $1.23 could trigger an upside move.
Cardano price anticipates a blast-off from the lower range as indecisiveness becomes a new trend. While optimistic, the upward move will arrive after the immediate resistance is broken.
Cardano price eyes 20% advance
Cardano price set up a higher high at $1.48 on February 27 after surging nearly 63%. This bullish move was met with profit-booking investors that shifted ADA to $1.15 the following day, creating the lower range.
Since February 28, the so-called “Ethereum-killer” has maintained its price movement within this range, albeit deviating from it at times.
Now, Cardano price has once again extended below the lower bounds and is eyeing a reversal. While bullish, ADA needs to slice through the immediate supply zone that ranges from $1.18 to $1.23. A decisive close above this obstacle will signal a potential spike to $1.48. This 20% upswing to $1.48 might be cut short by the 50% Fibonacci Retracement level at $1.32.
Hence, a secondary confirmation will arrive once ADA conquers the level mentioned above.
ADA/USDT 12-hour chart
While the bullish thesis hangs in the balance that ADA will repeat its past moves, it might not. If buyers fail to breach the resistance zone, a 10% correction to $1.02 might ensue. A breakdown of this level will invalidate the positive outlook and kick-start a bearish one. In this case, Cardano price might crash another 12% to $0.90, lows seen during the recent flash crash.
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
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.