|

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.

tm/ada/7/20/22 1

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. 

tm/ada/7/20/22

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.

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.

More from Tony M.
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

XRP rebounds amid ETF inflows and declining retail demand demand

XRP rebounds as bulls target a short-term breakout above $2.00 on Friday. XRP ETFs record the highest inflow since December 8, signaling growing institutional appetite.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

World Liberty Financial recovers as community votes to unlock treasury funds for USD1 adoption

World Liberty Financial recovers over 3% on Friday, holding ground at a key support trendline. Community begins voting to unlock roughly 5% WLFI treasury funds to incentivize USD1 stablecoin adoption.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid bearish market conditions

Bitcoin (BTC) is edging higher, trading above $88,000 at the time of writing on Monday. Altcoins, including Ethereum (ETH) and Ripple (XRP), are following in BTC’s footsteps, experiencing relief rebounds following a volatile week.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.