Why the Cardano price has “I told you so” written all over it
- Cardano price has risen 35% in one week,
- Cardano price follows technicals nearly identical to last week's bearish and bullish forecasts.
- Invalidation of the uptrend is a breach below $0.472.
Cardano price has more upside potential but the invalidation level is crucial for actualizing short term targets.
Cardano price follows suit
Cardano price has been an enjoyable cryptocurrency to trade over the last few weeks. On July 8, during the initial rise of Bitcoin, a bearish forecast was issued warning Cardano traders of a possible liquidity hunt in the $0.40 zone. The trade setup worked in the bears' favor as the Cardano price fell 12% into the $0.40 zone.
Cardano Forecast Follow
The bearish thesis also mentioned that the liquidity hunt could be short-lived, and early evidence would be a failure to close below the $0.40 zone. Traders were made aware that the ADA price could rally to $0.54 if the $0.40 zone were to hold as support.
Cardano price followed the forecast perfectly. The textbook smart money liquidity hunt induced a 35% rally in just seven days. Today, July 20, ADA price has tagged the anticipated $0.54 price level.
Cardano price currently trades at $0.52. The alternative intelligent contract token has two alternative scenarios for the future. ADA price could witness an immediate plummet from $0.52 into the $0.35 region or an additional ascent into the mid $0.65 region.
ADA/USDT 7/20/22
For the safety of our readers, we emphasize moving stop losses into profit to avoid taking an unnecessary loss if the first scenario comes to fruition. For traders looking to aim for higher targets, the earliest uptrend invalidation signal is a breach below $0.472.
"In the following video, our analysts deep dive into the price action of Cardano, as it regained its strength across the board." - Felipe Erazo: Social Media Manager & Editor @FXStreet
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.
