Why all eyes are on the Cardano price this weekend
- Cardano price coils in preparation for the next big move.
- ADA price has double scenarios written in the technicals, which could be great for day traders but challenging for long-term investors.
- Invalidation of the macro bearish trend lies at $0.93.
Cardano price may be too risky for long-term investors at the current time. A scalping-style trading plan could be a favorable approach for transacting with the ADA price in the coming days.
Cardano price is a scalpers market
Cardano price coils in a tug-of-war-like fashion, which will surely induce a volatile market in the coming days. The ongoing struggle for grounds comes as a surprise as other cryptocurrencies are already beginning their ascent higher to recover losses since the June 13 sell-off. The sideways market indicates smart money’s interest for the Ethereum alternative smart contact token though upside potential may be capped at just under $0.68.
Cardano price currently trades at $0.48, leaving room for a 35% increase in value without invalidating the macro thesis. Countertrend scalpers may be enticed to play both sides of the market due to the spread. A breach above $0.51 could be the catalyst to propel the Cardano price to the Jun 13th Weekly high at $0.66. Bears however, are likely eyeing the current ADA price, hoping it falls below $0.41 to induce the long-anticipated decline to $0.20.
ADA/USDT 3-Hour Chart
Long-term investors should consider sitting on the sidelines or adopting a scalpers mentality. A macro invalidation of the bearish downtrend remains at $0.93. If the bulls can breach this level, they may be able to recover all losses made this year and send prices well above $3.00, resulting in a 550% increase from the current Cardano price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
