Briefly –
- ADA price has displayed an optimistic formation as Cardano bulls aim for a 20% surge.
- The alt might be preparing to reverse its underperformances with an upswing to the value area at $1.78.
- However, the ETH-Killer has to overcome the crucial pattern’s neckline at $1.48.
Cardano (ADA) reveals a lucrative setup after an extended phase of sluggish performance. The altcoin might be contemplating a 20% surge to explore the price zone of $1.78. However, the Ethereum killer has to conquer the last obstacle for the optimistic narrative to play out.
ADA Price Targets Bullish Reversal
ADA price had printed a cup-handle setup on its 12hr chart, indicating a 20% surge from the pattern’s neckline. With that, the alternative coin will rise to navigate the price zone at $1.78. Though the primary technical formation shows a bullish picture for Cardano, the altcoin has to crack above the neckline hurdle at $1.48 to validate the optimistic chart.
Cardano’s first resistance sat around the 50% retracement area at $1.47. If the crypto overpowers the hurdle highlighted above, ADA bulls might encounter confrontation at 61.8% FIB retracement mark at $1.54, then 100 12Hr SMA at $1.59.
An additional obstacle might emerge at the 78.6% FIB retracement mark near $1.63. After that, Cardano’s price can sail to the optimistic target without hassles. If the digital coin sees increased buying momentum, it might hit the target by the cup-handle formation at $1.78.
Higher aspirations have Cardano targeting the 200 12Hr Simple Moving Average near $1.87, matching the Momentum Reversal Indicator’s resistance level.
As the altcoin appears ready for bullish moves, surged sell order might witness ADA declining to the initial defense level at 38.2% FIB retracement at 41.40, then 50 12Hr Simple Moving Average around $1.35.
The 21 12Hr Simple Moving Average would also serve as ADA’s dependable support at $1.33. Failure to keep this mark will mean Cardano’s price plunging to the 23.6% FIB retracement area of $1.32. However, that presumes continued selling momentum for the coin.
For now, ADA eyes upswings, recovering from the recent downbeat in the crypto industry. The altcoin might rely on broad market sentiment to achieve its higher levels.
