- cardano After the last 55% rise, the price continues to show an upward trend again.
- A bounce from the $0.516 support base could likely trigger another attempt to retest and clear the $0.677 hurdle.
- A four-hour candlestick approaching below $0.471 will create a lower low and invalidate the bullish thesis for ADA.
Cardano has had a very strong rise recently and has generated good returns for its investors. WAVES and KAVA were also other altcoins accompanying ADA’s rally and are now experiencing a minor pullback to wait for an opportunity for the next rally.
Cardano Price Eyes High
Cardano priceIt broke below the range from $0.487 to $0.614 on May 26, which was a bullish signal. This development was followed by an explosive, only upside move that prompted ADA by 55%.
The increase broke the high range from $0.614 and attempted to flip the $0.677 hurdle. As extinction and profiteering went hand in hand, ADA began to pull back. In its quest for stable levels, Cardano price has tagged the midpoint of the aforementioned range at $0.551.
Traders can expect ADA to surpass the $0.541 resistance it is currently grappling with and retest the next support level at $0.516. A bounce off this hurdle would put ADA into a deep discount mode relative to the midpoint, possibly attracting buyers who stayed on the edge.
As a result, a rebound in buying pressure could trigger another rise in Cardano price, which marks the lower bound of the $0.785 to $0.90 hurdle, increasing Cardano price by 52%.
Regardless of the bullish outlook, a break of the $0.516 support base seems plausible if the sellers continue to drain the tokens. Under these circumstances, if Cardano price produces a four-hour candlestick below $0.47, the bullish thesis will be invalidated by producing a lower low. Such a development could result in ADA falling to the $0.397 level.
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.