- Cardano price has a target of $2 on the weekly chart after cracking the inverse head and shoulders pattern.
- The digital asset faces one last resistance level at $0.38 before resuming its uptrend towards that goal.
Cardano price is up by 153% in the past three weeks after a massive breakout from a crucial pattern on the weekly chart. The digital asset has slowed down in the past 48 hours, but the momentum remains bullish.
Cardano price needs to crack $0.38 to continue its run to $2
The In/Out of the Money Around Price (IOMAP) chart shows one crucial resistance area between $0.38 and $0.39. It seems that a breakout above this point can drive Cardano price towards its long-term target of $2 as resistance layers ahead of this level are weak.
ADA IOMAP chart
Cardano broke out of an inverse head and shoulders pattern on December 28, 2020, with a price target of $2 in the long-term. The digital asset saw a lot of bullish continuation after the initial breakout, rising by more than 100% in the next two weeks.
ADA/USD 1-hour chart
However, on the hourly chart, Cardano price got rejected from $0.39 and is approaching a significant support level at the 100-SMA located at $0.374. Losing this level could push ADA towards the 100-SMA at $0.355.
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.