• Cardano price is contained inside a broadening wedge pattern on the daily chart.
  • The digital asset has defended a key support level and aims for a significant rebound.
  • ADA remains significantly bullish in the short and long-terms. 

Cardano had a massive rally in 2021 and remained in a daily uptrend despite the recent sell-off. Now, after ADA bulls held a key support level, Cardano is ready for a new leg up, potentially to new all-time highs above $1.48. 

Cardano price primed for a bounce to $1.6

Cardano price held the lower trendline support of the broadening wedge pattern and seems ready for a rebound towards the upper trendline. The long-term price target for the buyers will be $1.6, at the top of the pattern. 

ada price

ADA/USD daily chart

The In/Out of the Money Around Price (IOMAP) chart adds a lot of credence to this theory as it shows no significant resistance levels above $1.2 and a robust support level between $1.13 and $1.16, which coincides with the lower trendline support of the wedge pattern. 

ada price


Losing the crucial support level of $1.13 would be a breakdown of the ascending broadening wedge pattern, which can drive Cardano price down to $0.7 in the long-term. 

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.

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