- 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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.