- Cardano has its holders in a dilemma as ADA price hovers near $1.20.
- The breaker at $1.22 – $1.35 remains a significant obstacle, preventing bulls’ actions towards the $1.60 level.
- A daily candle close under $1 will cancel DOT’s bullish thesis.
Cardano (ADA) displays momentum slowdown following a swift upside move from a psychological area. The token encounters a stiff hurdle that might break or make ADA’s uptrend. Should enthusiasts prepare for upswings of a steep decline?
ADA Price at Inflection Level
ADA 19 February – 23 March price actions formed a V-shaped valley (Adam). A rounded bottom setup, “Eve,” followed this move. The Adam-Eve pattern is a bottom reversal formation that predicts a 25% surge, obtained from measuring the valley’s depth, then adding to the $1 breakout point.
Theoretical predictions methods had an ADA target of $1.26. Cardano’s price saw a quick 23% run-up after the 23 March breakout but could not reach its upside destination. That momentum fade resulted from the bearish breaker created on 13 January. This zone stretches between $1.22 and $1.35 and means a massive obstacle in the bulls’ road.
Overcoming the hurdles will allow ADA price to explore the Adam-Eve target of $1.26 before triggering further upside to $1.60. Such a move would mean a 35% upsurge from Cardano’s current level – $1.17.
IntoTheBlock supports Cardano’s $1.60 target. The index suggests that bulls are fighting the massive obstacle of around $1.17. Overpowering this hurdle will open the path to $.156, where nearly 583,000 addresses that bought 6.18 billion Cardano tokens remain out of money.
Thus, moving to this zone might trigger amplified selling momentum as market players try to break even. Therefore, the range extending between $1.43 and $1.70 will cap Cardano’s upside.
Though the technical viewpoint suggests a challenging path for ADA price, enthusiasts should expect a move towards either direction. Nevertheless, a daily candle close under $1 will annul the optimistic case for Cardano, ending the Adam-Eve pattern. That might open the bearish patch for an ADA crash towards the $0.85 value region.
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