• 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.

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