Cardano (ADA): The Ideal Zone to Watch for Bullish Approach
- Cardano might be ready for a fractal that might predict a 40-55% upsurge.
- ADA has to plunge towards substantial support barriers at $0.401 and $0.38 to welcome such a bullish upside.
- A 24hr candle closing beneath $0.380 could catalyze a deeper retracement for the “ETH-Killer.”
Cardano price failed to present massive growth since bottoming on 12 May. The alternative token has hovered beyond this mark and seemed ready to revisit the area soon, especially if it satisfies certain conditions.
ADA Price and the Possible Fractal Formation
Cardano printed local tops near $0.550, $0.628, and then $0.689 since bottoming at the support barrier at $0.380. ADA remained beneath $0.550 between 12 May and 30 May, after which the alt spent a brief moment inside $0.550 – $0.628 between 30 May and 11 June.
The token battled to regain $0.550 after breaching it, remaining glued to the foothold at $0.435. Nevertheless, price movements that emerged after 13 June appear to print a fractal.
The fractal isn’t complicated and rotates around liquidity gathering. Meanwhile, Cardano swept the 13 June swing low of $0.435 on 19 June, triggering a 21% surge to $0.527. Another liquidity run happened as the 13 July swing low swept liquidity beneath 1 July. This action saw a 26% surge to $0.550.
The 3rd liquidity event will likely showcase as ADA price sweeps beneath either the 12 May swing low of $0.380 or the $0.401 13 July swing low. Surprisingly, liquidity runs that have happened so far occurred at or beneath the oversold level at 30.
Therefore, investors might evaluate the RSI (Relative Strength Index) for secondary confirmations. A possible upside from the sweep of $0.380 or $0.401 would see ADA gaining 40% – 55%.
Though that narrative seems highly optimistic for Cardano price, market players should remain cautious and watch Bitcoin’s movements before executing long ADA positions.
A case where the altcoin forms a daily candle closing beneath $0.380 would invalidate the bullishness highlighted above. That could trigger a 25% crash for ADA to explore the support floor at $0.278.
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