• Cardano price entered the choppy zone on February 27 and showed no directional bias.
  • Although there were deviations below the ranges, ADA seems to be reverting to the mean.
  • A decisive close above the supply zone’s upper band at $1.23 could trigger an upside move.

Cardano price anticipates a blast-off from the lower range as indecisiveness becomes a new trend. While optimistic, the upward move will arrive after the immediate resistance is broken.

Cardano price eyes 20% advance

Cardano price set up a higher high at $1.48 on February 27 after surging nearly 63%. This bullish move was met with profit-booking investors that shifted ADA to $1.15 the following day, creating the lower range.

Since February 28, the so-called “Ethereum-killer” has maintained its price movement within this range, albeit deviating from it at times.

Now, Cardano price has once again extended below the lower bounds and is eyeing a reversal. While bullish, ADA needs to slice through the immediate supply zone that ranges from $1.18 to $1.23. A decisive close above this obstacle will signal a potential spike to $1.48. This 20% upswing to $1.48 might be cut short by the 50% Fibonacci Retracement level at $1.32.

Hence, a secondary confirmation will arrive once ADA conquers the level mentioned above.

ADA/USDT 12-hour chart

ADA/USDT 12-hour chart

While the bullish thesis hangs in the balance that ADA will repeat its past moves, it might not. If buyers fail to breach the resistance zone, a 10% correction to $1.02 might ensue. A breakdown of this level will invalidate the positive outlook and kick-start a bearish one. In this case, Cardano price might crash another 12% to $0.90, lows seen during the recent flash crash.

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Cryptocurrency exchanges are on board Terra’s LUNA hard fork and Do Kwon’s plan for the Terraform Labs token’s rebirth. Do Kwon has garnered support from leading cryptocurrency exchanges for the new Terra chain. 

More Terra News

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Ethereum dipped below the $1,900 support level over the past few hours. A decisive close below such a vital demand zone will put ETH at risk of a 38% correction toward $1,200. 

More Ethereum News

A big price move is coming for Binance Coin; here’s what to look out for

A big price move is coming for Binance Coin; here’s what to look out for

A brief technical and on-chain analysis on Binance Coin price. Here, FXStreet's analysts evaluate where BNB could be heading next. 

More Binance Coin News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Bitcoin price, Ethereum and other cryptocurrencies are stabilising after the cryptocurrency space got slaughtered last week and two weeks ago.

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP