Here’s Why Cardano (ADA) Faces Upside Challenge to $1.60

  • ADA price appears ready for an upside move towards $1.26, but significant obstacles plague the alt’s path.
  • A decisive 24hr candle close beyond $1.35 might catalyze an upsurge to $1.60.
  • A daily candlestick close under $1 will cancel ADA’s bullish narrative.

Cardano (ADA) worsened its condition over the past 4 hours and remained stuck beneath a significant area. Though the recovery is bullish, its destination stayed far and comprised obstacles at each step. Let us check what the alt boasts.

ADA Price against the Wind

Cardano price formed an Adam and Eve (bottom reversal setup) with its actions from 19 February to 23 March. This technical setup comprises a V-valley (Adam) and a round bottom pattern (Eve). That had the crypto eyeing massive surges.

Breaking out from this setup suggests a trend shift in bulls’ favor and predicts a 25% surge towards the $1.26 mark, obtained by adding the depth of the valet t the $1 breakout point.

AD price could not hit the predicted target of $1.26 due to inadequate momentum regardless of the lucrative breakout from the psychological level at $1 on 23 March. Moreover, the alternative token reversed this trend, declining towards $1.05, the 2022 VPC (volume point of control).

The $1.05 mark acted as a foothold due to the colossal volume traded in the area. However, Cardano eventually broke under this region and tries to overcome it now.

Recoveries beyond the $1.05 area might catalyze an upside move towards the $1.26 destination. Meanwhile, ADA can attempt to ruin the bearish breaker stretching between $1.22 and $1.35 in its second trial. The alt should produce a decisive close beyond $1.35 for such a narrative to play out. Nevertheless, the so-called ETH-killer might clear the road to retest the hurdle at $1.60 if it overcomes the mentioned obstacle.

A 24hr candlestick close under $1 will invalidate the Adam-Eve formation by producing a lower. Such price reactions can see ADA drowning towards the $0.85, the assets’ last defense line. It may be interesting to witness what upcoming sessions define ADA price movements.

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By Edward Richardson
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