Cardano (ADA) has been coming across crypto money followers frequently with different developments in order not to fall off the agenda lately. Although Cardano price is currently in an uptrend, the altcoin known as the Ethereum killer is currently eyeing $3.16. Although the ADA price has the potential to reach these levels, there is an important level to overcome first.
Cardano (ADA) price action has been caught by the bulls at $2.0 for two weeks in a row. ADA also supported the bulls with its price, but faced headwinds from the monthly pivot and the 55-day SMA (standard moving average) at $2.40.
If Cardano (ADA) bulls can break this upside and close above $2.50, they could quickly catch a 30% rally. The ADA price was trading at $2.27 at the time of publishing this news.
At $2.27, ADA has been trying to maintain an uptrend for the past two weeks, and at $2.0 it caught the bulls for two weeks in a row and experienced a rise. However, bulls entering ADA at $2.0 need to break the trend line up and create a new opportunity. Therefore, as long as the ADA price closes above $2.50 daily or even weekly, the bulls will look for new opportunities and try to make a profit at or near 30%.
Although ADA bulls had been uptrend for two weeks in a row, they failed to break the resistance at $2.40 and rejected the rally. If the bulls make a firmer push in the new attempt, it could easily push the price of ADA, which is currently at $2.27, above $2.40. In such a scenario, the next target would quickly be $3.0.
If the bulls fail to break above the uptrend again, a decrease in price is likely. In such a possible scenario, the bulls can no longer be successful at the level they entered at $ 2.0, and with a downtrend, it will first fall towards the $ 1.90 levels, disabling the bulls and then falling to $ 1.68 in the next stage, creating strong selling pressure.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.