Briefly-
- Cardano sees its price held within a downside sloping channel since 31 August.
- Though the alt broke out on 23 September, it requires a retest to propel another upsurge.
- If ADA breaches the support floor at $1.91, it will nullify the bullish outlook.
Cardano trades in a suspended attitude after the latest bullish pattern breakout. If the alternative crypto secures a launching pad, it will amplify its chances to start another upside trend. Interestingly, the asset has support confluences, suggesting a bullish attitude.
Cardano Awaits Upside Catalysts
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On 21 September, Cardano experienced a price bounce, creating a surge towards $2.46 following a 28% uptick. However, retracements followed, taking ADA towards the demand region in the $1.99 – $2.17 range. This price area might boost the asset’s additional rally.
For now, Cardano has to battle the obstacle at $2.39 and create a 12hr candle close beyond it to increase its probability of exploring higher highs. Presuming that ADA accumulates the bullish strength to overturn $2.39 to support, market players may expect ADA to rise to overpower the 50% FIB retracement at $2.51.
With that, it can target the somewhat reversal area extending between $2.65 and $2.86. Ideal price levels that ADA might plunge because of profit-taking remain $2.65 and $2.75. While writing this article, ADA and USDT are the only assets in the top 10 trading in the green.
ADA seems to record lucrative moves after the Cardano Summit during the weekend. Remember, the crypto market has been in a downwards mood since the clampdown threats by the Chinese. At this publication, Bitcoin trades in a downside mode, hovering around $41,956.
Nevertheless, if ADA sees reduced buying actions, failing to overpower $2.39, it may knock Cardano down towards the demand region extending between $1.99 and $2.17. A 12hr candle closes under the lower range at $1.99, and a price breakdown will form a lower low, invalidating the bullish case. With that, ADA might endure a lower low to retest the support level at $1.76.
Will ADA’s recent developments enable Cardano to conquer its obstacles to rally higher.
