Share:
  • Cardano price shows signs of exhaustion on the four-hour time frame, suggesting a potential retracement to $0.269 and $0.279 support levels. 
  • A bounce off these levels could yield a minimum gain of 19.52% as it retests the $0.334 hurdle.
  • A four-hour candlestick close below $0.252 that flips it into a resistance level will invalidate the bullish thesis for ADA.

Cardano price has been on a recovery rally for two weeks, but the bullish momentum and volatility seem to be waning owing to the low volume during the weekend trading sessions. Regardless, from a short-term perspective, a minor retracement could allow ADA bulls to regroup and restart the recovery bounce.

Also read: ADA whale accumulation propels Cardano price closer to $0.3; investors aim far higher 

Cardano price ready to move higher after minor retracement

Cardano price crashed a whopping 44% in early June, going from  $0.381 to $0.220 in just five days. But after a local bottom formation on June 10, ADA has bounced 34%, signaling a strong recovery.

But due to the recent uptrend, bulls seem to be exhausted and are taking a break, which could trigger profit-taking from short-term holders, leading to a retracement. The contenders for supporting this correction include the $0.269 and $0.279 barriers.

A bounce off the $0.279 support floor could be key in extending the ongoing recovery rally. A successful spike in buying pressure over the next week could propel Cardano price by 19.52% to retest the next critical hurdle at $0.334.

In a highly bullish case, ADA could extend higher and tag the $0.347 level or the range high at $0.381. 

ADA/USDT 4-hour charr

ADA/USDT 4-hour charr

Although the bullish outlook for Cardano price makes logical sense, investors need to turn their attention toward the equal lows formed at $0.252. A four-hour candlestick close below the aforementioned level that flips it into a resistance barrier will invalidate the bullish thesis for ADA.

Such a development could see Cardano price correct lower and retest the range low at $0.220.


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin tags $60,000 for the first time in more than two years

Bitcoin tags $60,000 for the first time in more than two years

Bitcoin hit $60,000 after more than two years below this level. BTC liquidations have surpassed $277 million in the last 24 hours. This massive rally in the pioneer cryptocurrency could be attributed to the spot ETF approval.

More Bitcoin News

Arbitrum price resumes rally with Web3 gameathon plan for March

Arbitrum price resumes rally with Web3 gameathon plan for March

Arbitrum, an Ethereum Layer 2 scaling solution, has announced an event for Web3 gaming. The event is likely to attract community members, delegates and Web3 gamers. This could positively influence Arbitrum adoption and is likely to boost ARB gains. 

More Arbitrum News

Ethereum price hits new yearly high at $3,369 as staked Ether rises to 26%

Ethereum price hits new yearly high at $3,369 as staked Ether rises to 26%

Ethereum price has climbed to a new 2024 high of $3,369 on Wednesday. Bitcoin’s rally to $59,000 and the upcoming Dencun upgrade activation on mainnet have likely catalyzed Ethereum’s price gains. 

More Ethereum News

XRP climbs to $0.58 as SEC pushes for deadline extension in Ripple lawsuit

XRP climbs to $0.58 as SEC pushes for deadline extension in Ripple lawsuit

XRP price rallied on Wednesday in response to the Securities and Exchange Commission’s (SEC) push to delay the remedies briefing deadline in its lawsuit against the payment remittance firm. 

More Ripple News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP