Cardano worth bullish reversal sample may take ADA in direction of $1.96 – FXStreet

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  • Cardano price has slipped down after breaking above a critical resistance line.
  • A 30% surge towards $1.96 remains on the radar given the prevailing chart pattern.
  • However, a drop below $1.39 could spell trouble for the bulls.

Cardano price has breached a crucial resistance barrier, confirming a bullish chart pattern. However, momentum faded as ADA declined slightly and tested a critical line of defense before the Ethereum killer targeted larger endeavors.

Cardano price is facing a strong resistance

Cardano price has printed a falling wedge pattern on the daily chart, projecting a bullish outlook for the bulls. ADA validated the prevailing chart pattern, which put a 40% surge on the radar as the token sliced ​​above the upper border.

While Cardano price has strongly broken out of the governing technical pattern, ADA has pulled back slightly and is spotting reliable support before moving higher.

The obstacle for Cardano price is at the 78.6% Fibonacci retracement level at $1.51. This resistance is filled by IntotheBlock’s volume-based In/Out of Money Around Price (IOMAP) model, which suggests that the largest group of 208,300 addresses held 3.38 billion ADA at an average price of $1.51. bought dollars.

ADA could see the 100-day Simple Moving Average (SMA) at $1.65, then the December 3 high at $1.72, which coincides with the Momentum Reversal Indicator (MRI) resistance line, and then the 200-day -SMA face another headwind at $1.82.

However, if the selling pressure increases, Cardano could find immediate support at the 61.8% Fibonacci retracement level at $1.42. If ADA continues to slide lower, the token could drop towards the upper boundary of the governing technical pattern at $1.39.

ADA/USDT daily chart

Investors should note that if Cardano price falls below the above line of defense, the bullish chart pattern may become invalid. ADA could further lower the 50% retracement level to $1.35, crossing the 50-day SMA.

A further surge in sell orders could see Cardano price drop towards $1.28, at the 38.2% Fibonacci retracement level, which is close to the 21-day SMA.


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