Cardano Price Prediction: Can the release of Node 1.35 trigger a 40% rally

Cardano price coils in between the 8-Day and 21-Day Simple Moving Averages.
ADA price trades range-bound since the June 18 sell-off, unlike other popular cryptocurrencies which have ascended in value.
Invalidation of the uptrend scenario is a breach below $0.425.

Cardano price is setting up for a big move. Traders should have alerts set to partake in the anticipated explosion.

Cardano price diverges from the pack

Cardano price shows an unresolved battle between the bulls and bears in the market. While several cryptocurrencies have rallied upwards of up to 90% in a week, the ADA price has only conquered 12% of the losses suffered since the June 18 market sell-off. The power struggle comes at an interesting time for the self-proclaimed Ethereum Killer token, as the Cardano community has just released Node 1.35 this week, a technological milestone meant to improve the utility for ADA users and developers.

Cardano price is currently trading at $0.48, just above the 8-Day Simple Moving Average at $0.48 and the 21-day Simple Moving Average at $0.51. The coiling-like nature between the two moving averages is common amongst price action traders, usually resolving with one moving average crossing over the other and creating an influx of volatility in the process. If the technicals are genuine, the 8-Day MA crossing over the 21-Day MA could induce a 40% bullish rally targeting the May 31 swing high vicinity at $0.685.

ADA/USDT 1-Day Chart

Invalidation of the uptrend scenario is a retest of the June 18 swing low at $0.42. A breach of this supportive barrier could trigger a 40% decline targeting $0.28.

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.