Cardano (ADA) Bulls Launch Massive Comeback, Eyeing $1.20 Revisit

  • Cardano price overpowered 2-week consolidation on 18 March, suggesting a breakout.
  • The alternative token might extend its upside move to $1.20 f ADA flips the psychological level of $1.
  • A daily candlestick close under $0.776 will erase Cardano’s bullish thesis.

Cardano price moved out of range-bound movement after the alt breached the topside boundary on 18 March. The ongoing uptrends suggest that the alt remained primed for further upswings in the coming trading sessions.

Cardano on Recovery Mood

Cardano’s price dipped into a consolidation on 5 March and maintained such actions for about two weeks. However, this range-bound trend ended on 19 March as the altcoin surged 6%, forming a higher peak relative to the 9 March swing high around $0.863.

These actions emerged as Cardano formed lower peaks as the Relative Strength Index displayed higher lows, indicating a colossal bullish divergence. That led to ADA breaching the range-bound and seeming ready to recover the incurred losses.

Enthusiasts might wait for a Cardano move to retest the psychological level at $1, following a 12% upsurge from $0.901, ADA’s current price level. Buying momentum resurgence in this area is essential for Cardano to overturn the $1 obstacle to support.

That would mean clearing the path towards the following target of around $1.20. That would translate to a 33% run-up, and ADA will likely form a local high after the move.

Though Cardano’s price unveils a bullish stance, the outlook depends on Bitcoin’s upcoming performance. A sudden dip by the leading cryptocurrency would ruin the upside optimism and catalyze a crash for Cardano.

Meanwhile, ADA producing a daily candle close under $0.776 will nullify Cardano’s bullish stance. That would open the door for further drops at ADA price. Such developments might see AADA crashing lower to search for a dependable support barrier at $0.676. Buyers can gang-up and try another recovery move at this level.

Cardano readies for upward moves as ADA bulls make a massive comeback. The alt seems to boast what it takes to revisit the $1.20 mark. Nevertheless, Cardano’s optimism will depend on BTC’s movements. A flash crash by Bitcoin would see ADA forgetting the positive narrative.

By Edward Richardson
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