Why the Cardano price may finally be ready for blast off

Cardano presents a bullish scenario with a conservative target at $1.00.
ADA price has been auctioning within a congested zone for 90 days.
Invalidation of the uptrend thesis is dependent on a few factors mentioned below.

Tony M.FXStreet Contributor

Cardano price will likely explode in one direction or the other. Traders should consider keeping a close eye on the ADA price for a very profitable opportunity.

Cardano price is due for a move

Cardano price is prompting significant interest amongst market technicians. The smart contract alternative token has been boiling sideways within the same zone since early May 2022. Previous outlooks maintained a decorrelative nature of the ADA price when market conditions showed more promise to opposing cryptocurrencies in the market. Now it sees the tides are turning, and the power will soon come back into the hands of Charles Hoskinson’s self-proclaimed Ethereum Killer token.

Cardano price currently auctions at $0.53 as the coiling price action continues to subside. From a technical perspective, a breach of $0.56 could be an extremely profitable catalyst maker to propel the Cardano price up conservatively 100% in profit towards $1.00. Knowing the history of crypto bull runs, a 150% FOMO-induced target may also be in the cards targeting $1.25.

The Relative Strength Index confounds the triangular interpretation as bullish and bearish divergences have been displayed throughout the congestion zone.

Invalidation of the bullish thesis demands that a breach of $0.56 occurs first before entry. Only then would the bullish interpretation become tangible with an invalidation point below $0.48.

In the following video, our analysts deep dive into the price action of Cardano, analyzing key levels of interest in the market. -FXStreet Team

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.

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