- Cardano price breached its two-week consolidation on March 18, signaling a breakout.
- Investors can expect ADA to continue its ascent to $1.20 if it can flip the $1 psychological level.
- A daily candlestick below $0.776 will invalidate the bullish thesis for ADA.
Cardano price is out of its rangebound movement as it breached the upper limit on March 18. This uptrend signals that ADA is bound for more gains in the near future.
Cardano price recovery in progress
Cardano price slid into a consolidation on March 5 and continued doing so for nearly two weeks. This range-bound movement ended on March 19 as ADA rallied 6%, producing a higher high relative to the March 9 swing high at $0.863.
This development came as ADA produced lower lows while the Relative Strength Index (RSI) formed higher lows, suggesting a palpable bullish divergence. As a result, ADA has breached its rangebound movement and is on a path to recover losses.
Investors can expect Cardano price to retest the $1 psychological level after a 12% ascent from the current position at $0.901. A resurgence of buying pressure around this level is necessary for ADA to flip the $1 hurdle in a support level and make its way to the next target at $1.20.
In total, this run-un would constitute a 33% gain and is likely where a local top will form.
ADA/USDT 1-day chart
While Cardano price looks bullish, its outlook relies on how the big crypto performs. A flash crash could void the optimism and trigger a crash.
If ADA produces a daily candlestick below $0.776, it will invalidate the bullish thesis for ADA and open the path for further descent. In this case, Cardano price could crash lower to look for a stable support level at $0.676. Here, buyers can regroup and attempt another recovery.
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
US SEC Crypto Task Force to host the first-ever roundtable on crypto asset regulation
The US Securities and Exchange Commission Crypto Task Force will host a series of roundtables to discuss key areas of interest in regulating crypto assets. The “Spring Sprint Toward Crypto Clarity” series’ first-ever roundtable begins on Friday.
Bitcoin stabilizes around $84,000 despite US SEC regularity clarity and Fed rate stability
Bitcoin price stabilizes around $84,000 at the time of writing on Friday after recovering nearly 2% so far this week. The recent announcement by the US SEC that Proof-of-Work mining rewards are not securities could boost BTC investors' confidence.
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
XRP whale holdings and network activity signal rising optimism among investors. However, signs of bearish sentiment in the derivatives market could hamper XRP's price growth.
Bitcoin: BTC stabilizes around $84,000 despite US SEC regularity clarity and Fed rate stability
Bitcoin (BTC) price stabilizes around $84,000 at the time of writing on Friday after recovering nearly 2% so far this week. The recent announcement by the United States (US) Securities and Exchange Commission (SEC) that Proof-of-Work (PoW) mining rewards are not securities could boost BTC investors' confidence.
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.