Cardano price could rally 50% to $1.40
- Cardano price is coming into buyers’ territory on the 3-day Chart.
- ADA price is forming a bullish cup-and-handle pattern.
- An invalidation for the bullish narrative will be a break below $0.79.
Cardano price could rally towards $1.40 as the price action displays early bullish signals. Traders should analyze the technicals thoroughly before placing an entry.
Cardano price action is optimistic
Cardano price has been an enjoyable digital asset amongst traders as the price has followed conventional trading patterns. Last month’s bullish thesis predicted a 25% bull run for the Cardano price based on the technicals. It seems a fractal of the same pattern is back on the Chart with twice as much power.
The Cardano price could rally 50% based on the displayed bullish cup and handle pattern. The prospective rally could surge into the $1.40 zone. The Relative Strength Index is also coming into buyers’ territory. Thus traders should definitely watch ADA closely.
ADA/USD 3-Day Chart
Cardano price action could fool traders, so it is best to keep an invalidation point. The current swing low at 0.70 is the safest invalidation zone to keep while scaling into the ADA price concurrently. Traders should allow more evidence on the 3-day Chart to unfold before looking for a tighter stop loss.
Author
FXStreet Team
FXStreet
Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.
