Cardano price can revisit of $0.38 if it can overcome this hurdle
- Cardano price pierces through the $0.336 to $0.339 hurdle to retest the $0.344 resistance level.
- A flip of this barrier could allow ADA bulls to tag the range high at $0.379, denoting a 10% upswing.
- Invalidation of the bullish thesis will occur below the $0.321 support level.
Cardano price shows a resurgence of bullish sentiment that is attempting to overcome a significant hurdle. If successful, ADA can trigger a massive run-up to the ongoing range’s upper limit. Traders can await this development to hop on and ride the rally higher.
Cardano price ready to make its move
Cardano price created a range, extending from $0.310 to $0.379 after it triggered a 22% recovery bounce between November 9 and 10. This range is where ADA currently trades and is in the process of flipping the $0.336 to $0.339 hurdle into a support floor.
While this move is bullish, ADA also needs to overcome the midpoint of the said range at $0.344 to confirm its optimistic directional bias. This development will be a major tell-tale sign that sidelined buyers will be waiting for to give them the green light to enter longs.
As a result, the sudden spike in buying pressure could trigger a 10% upswing that pushes Cardano price to slice through the range high at $0.379 and tag the $0.382 hurdle.
ADAUSDT 4-hour chart
While things are looking optimistic for Cardano price, multiple hurdles need to be overcome to kick-start a bullish move. If there is a sudden spike in selling pressure that knocks ADA south to produce a lower low below $0.321, it will invalidate the bullish thesis.
In such a case, Cardano price could trigger a 4% crash to revisit the range low at $0.310.
Here's how Bitcoin's moves could affect Cardano price
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
