Briefly –
- Cardano has had uneventful performances as ADA hung behind while TC and ETH touched their record highs.
- ADA bulls seem to struggle with the closest hurdle standing at the 21 Simple Moving Average.
- If the altcoin slices past $2.24, it will see a 23% surge.
Cardano (ADA) still prints confusing movements as the altcoin hovers between technical levels. For now, market players have to wait for a decisive move in either direction. If the ETH-killer overpowers these resistances, ADA might witness a 23% surge towards $2.73.
ADA Bulls Ready to Challenge Next Obstacles
Cardano lacks a directional bias as ADA extends its price actions inside a symmetrical triangle formation on the 12Hr chart. The altcoin lagged even during the recent crypto market upsurge that had Ether and BTC challenging new highs.
For now, ADA prepares to challenge its upside obstacles regardless of the overwhelming resistance that intimidates bulls at the moment. The initial hurdles for the alt stand at 21 twelve-Hr SMA at $2.16. If Cardano gathers momentum to overcome this obstacle, it will encounter the subsequent headwind at the 23.6% FIB retracement, matching with 50 12Hr Simple Moving Average at $2.19.
Also read:The IOMAP shows that the resistance mentioned above would challenge bulls as the technical metric shows a massive cluster at the level. Remember, 226,650 addresses bought 7.82 billion Cardano tokens at $2.19, the average price.
If the coming sessions see buyers overpowering this stiff obstacle, Cardano will have its price tagging the prevailing chart pattern’s top border at $2.24. Breaking beyond the triangle’s top trend-line might see ADA surging 23%, bulls targeting $2.73.
However, the journey to the optimistic high might be tricky for bulls. That is because the Momentum Reversal Indicator’s resistance line at $2.30, sitting around the 100 12Hr Simple Moving Average, serves as crucial resistance for the altcoin. Also, ADA has to keep away the $2.36 (38.2% FIB), $2.50 (50%), and $2.64 (61.8%) before touching the chart pattern’s projected target.
Meanwhile, if sell orders spike, ADA might plunge, heading to the symmetrical triangle’s lower border at $2.10 before retesting the trend-line as its support. If it fails to maintain this zone, it will annul the bullish case as ADA might plummet towards $2.07 (200 12Hr SMA). With that, Cardano might witness a 23% bearish move, dropping to $1.62.
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