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Will Cardano price finally show its cards?

  • ADA price is losing bearish momentum.
  • Cardano price Relative Strength Index is reclaiming buyers’ territory.
  • Invalidation of the bullish thesis is a breach below $0.48.

Cardano price is preparing for a retest of $0.80. Still, jumping in early might be too risky. Traders should wait for confirmation signals.

Cardano price readies a breakout

Cardano price is on intraday traders’ radar as the digital asset could be setting up for a large rally into $0.80. ADA price, like several cryptocurrencies, is hovering around the initial sell-off price that occurred on May 12th. One more wave-up is needed to justify the choppy price action if the technicals are correct.

Cardano price shows bullish confluence on the Relative Strength Index, as the bulls are beginning to gain ground reconquering the levels just below 40. A steep impulsive rally could occur in the near future, leaving traders with an option to join the momentum or sit on the sidelines hoping for one final plummet after the initial surge occurs.

TM/ada/5/26/22

ADA/USDT 1-Day Chart

Invalidation of the current uptrend scenario is a breach at $0.40. If the bears can conquer this level, then the $0.20 level could be back on the table, resulting in a 60% decrease from the current Cardano price.

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.

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