The Cardano price chart has been giving some signals for a quick uptrend for a while. If these signals are successful, traders can take profits quickly, but we would like to go into detail by reminding that the setup has a very delicate balance and therefore they should follow the Bitcoin price well.
Cardano Price Remains Uncertain
Cardano pricestarted to rise after the creation of the “triple tap” installation, which is a variation of the triple bottom. In the technical formation, there are three different low swings that deviate under the first and third low swing, which is central. The third low swing usually occurs at the same level as the first.
The rally usually starts after the last retest of the first low kick.
The first low for Cardano price was formed on June 13 at $0.435, and ADA diverged below it on June 18. Although the last retest was on June 30, the bullish momentum was not enough, creating a consolidation. However, the price formed a four-hour demand zone stretching from $0.443 to $0.459, which helped trigger the long-lagged rally.
Those looking to invest for the future can expect the Cardano price to rise 15% and retest the $0.550 barrier and gather the liquidity around it. In a stronger bullish scenario, ADA could reach the next level at $0.628.
Regardless, a four-hour candlestick below the $0.435 support level will invalidate this setup. In such a case, Cardano would need to recover quickly above the said level for it to have any chance to try to get back up.
If the bulls fail to do so, it could result in a 12% drop that retests the next weekly support at $0.380. We recommend investors to follow the developments in the macro environment closely.
You can follow the current price action here.
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.