- 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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
![Celebrity meme coins controversy continues amid Pump.fun revenue dominance](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
![PEPE's on-chain metrics indicate potential rally after weeks of silence](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/PEPE/PEPE_coin_XtraSmall.jpg)
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
![Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/ethereum_2_XtraSmall.jpg)
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
![Crypto community blasts Polkadot following report of treasury spending](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Polkadot/polkadot-150x150logo-637399979978734311_XtraSmall.png)
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.