- Cardano price has presented an optimistic set-up as the bulls eye a 20% upswing.
- ADA may finally be attempting to reverse the period of underperformance with an ascent toward $1.78.
- In order for the bullish outlook to be validated, the Ethereum killer must slice above the critical neckline of the pattern at $1.48.
Cardano price has revealed an optimistic outlook after the extended period of sluggish performance. ADA could be headed for a 20% upswing toward $1.78 if the Ethereum killer manages to overcome one last remaining hurdle.
Cardano price eyes bullish reversal
Cardano price has formed a cup and handle pattern on the 12-hour chart, suggesting a 20% climb from the neckline of the pattern toward $1.78.
While the governing technical pattern indicates a bullish outlook for ADA, Cardano price must slice above the neckline of the chart pattern at $1.48 in order for the optimistic chart pattern to be validated.
The first resistance for Cardano price appears at the 50% retracement level at $1.47. If ADA manages to slice above the aforementioned neckline at $1.48, the token will face its next hurdle at the 61.8% Fibonacci retracement level at $1.54, then at the 100 twelve-hour Simple Moving Average (SMA) at $1.59.
An additional headwind may appear at the 78.6% Fibonacci retracement level at $1.63 before the optimistic target can be reached. If sufficient buying pressure emerges, Cardano price may reach the target given by the cup and handle pattern at $1.78.
Bigger aspirations for Cardano price will aim for the 200 twelve-hour SMA at $1.87, coinciding with the resistance line given by the Momentum Reversal Indicator (MRI).
ADA/USDT 12-hour chart
However, if a spike in sell orders occurs, Cardano price may fall toward the first line of defense at the 38.2% Fibonacci retracement level at $1.40, then toward the 50 twelve-hour SMA at $1.35.
The 21 twelve-hour SMA would also act as reliable support for ADA at $1.33, before Cardano price drops toward the 23.6% Fibonacci retracement level at $1.32 if selling pressure continues to increase.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.