Cardano Price Prediction: ADA could still climb another 18% if bulls persist

Cardano price witnessed an exponential rally over the past two days and shows that it has the willpower to continue this ascent. ADA will face a crucial resistance barrier that will decide if the altcoin will head higher or pull back before continuing its leg up.

Cardano price at inflection point

Cardano price rallied roughly 28% after briefly consolidating from August 7 to August 9. The uptrend pushed ADA from $1.40 to $1.79 but failed to retest the $1.82 resistance level. This barrier prevented all the attempts to rise higher after the May 19 collapse. Therefore, breaching $1.82 will not be a cakewalk. 

Investors can expect ADA to retrace to the $1.65 demand barrier, which will allow the buyers to recuperate and get ready for the next leg-up. A sudden spike in buying pressure around $1.65 or $1.61 is likely to restart the uptrend and an attempt to flip the $1.82 resistance barrier into a support floor.

If this move is successful, it will open the path to $2, after a 10% climb.

ADA/USDT 12-hour chart

On the other hand, Cardano price could turn bearish if the $1.61 support level is breached. This would indicate weakness among the buying pressure. This development could trigger a cascading sell-off that might push ADA down to the supply zone, extending from $1.40 to $1.50.

A decisive 12-hour candlestick close below $1.40 will invalidate the bullish thesis and might catalyze a descent to the 50% Fibonacci retracement level at $1.30.