• Cardano price shows an increase in bullish momentum as it bounced off the $0.98 level.
  • Transactional data suggests that a decisive close above $1.29 could propel ADA by 15% to $1.48.
  • However, a breakdown of $1.17 could see a 5% retracement to $1.11.

Cardano price shows a bullish bias as buyers rescued the altcoin after testing a crucial support level.

Cardano price aims a higher high

Cardano price has seen a massive surge in buyers leading to a 20% increase in a single 12-hour candlestick. Now, ADA is hovering below a critical supply barrier at $1.29, which coincides with the 38.2% Fibonacci retracement level.

A decisive 12-hour candlestick close above $1.29 will set up the stage for bulls to propel Cardano price higher. In such a case, a 15% upswing to the 61.8% Fibonacci retracement level at $1.48 is the most likely outcome.

ADA/USDT 12-hour chart

ADA/USDT 12-hour chart

Interestingly, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model also shows small clusters of underwater investors up to $1.29. Roughly 67,000 addresses purchased 1.2 billion ADA between $1.24 to $1.29 price range.

While $1.48 is the first target, a spike in bullish momentum here could see the so-called “Ethereum killer” surge another 20% to a new all-time high of $1.78.

This bull rally will bring Cardano one step closer to hitting its intended target at $2. This will complete the altcoin’s massive inverse head and shoulder pattern on the weekly chart.

Cardano IOMAP chart

Cardano IOMAP chart

On the flip side, if ADA’s support barrier at $1.17 coinciding with the 23.6% Fibonacci retracement level is breached, then a 5% correction to $1.11 seems plausible.

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

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Decentraland price under pressure by market turmoil, MANA points to steep correction

Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.

More Cryptocurrencies News

Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain

Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.

More Bitcoin News

XRP holds key support while indicators point to short-term recovery

Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

More Ripple News

Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange

Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements. 

More Shiba Inu News

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!