Cardano (ADA): Events Necessary for Potential $1 Revisit

  • Cardano price remains range-bound within the $0.776 – $1.240 level and currently plants to explore the topside limits.
  • ADA may drop towards the $0.776 range low before launching a 30% upswing towards $1.01.
  • A daily candle close under $0.672 will cancel Cardano’s bullish case.

Cardano (ADA) appears on continuous bleeding since the altcoin touched its ATH in September 2021. Unlike other tokens, ADA could not witness substantial upticks and remained on steady downtrends. Nevertheless, a breach beneath a stable foothold is crucial to catalyzing a brief upside trend.

ADA Price Still Bleeding

Cardano saw its price gaining 60% between 7 March and 29 March to print a range stretching between $0.776 and $1.240. The alt created equal swing levels at both ranges’ borders, suggesting liquidity presence.

Cardano lost approximately 32% since forming the range peak, exploring $0.841 at this publication. Additional downside movements will push ADA towards the $0.766 range low and gather sell-stop liquidity.

This development will likely catalyze an upward move to the retest of $1.01 (range’s midpoint), following a 30% upsurge. Massive bullish scenarios would see Cardano flipping this obstacle into a barrier for continued upticks. That could allow bulls to push towards the resistance at $1.09, where the buying momentum could fade. That means Cardano boasts the potential to surge approximately 40%.

Though sweeping the $0.776 range’s low means a lucrative spot to purchase Cardano at discounted prices, failure to trigger a swift recovery will show bulls’ weakness. Such developments will likely catalyze downtrends for ADA to retest the $0.672 mark.

Nevertheless, a daily candle closing under $0.672 will cancel the bullish narrative by forming a lower low.

While publishing this article, Cardano traded at $0.8366, losing 1.22% over the previous 24 hours. The bearish outlook showcases as the global markets sustain bearishness. Meanwhile, ADA will depend on broad market sentiment for upcoming biases.

The global market cap shows the downbeat mode in the crypto spectrum. The market value of all digital assets stood at $1.81 trillion at this publication, following a 0.38% 24hr loss. Keeping such conditions may see ADA struggling to achieve its upside targets.

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