Bulls Eye $2 Despite Losing Majority Gains

Cardano’s ADA has risen by more than five percent in the past 24 hours and is trading above $1.20 levels at the time of writing. Despite giving up the majority of the gains made in the last few days, the ADA bulls appear to be targeting higher price levels.

Looking at the daily chart of ADA, there was not much change. The main support area to watch is between $0.644 and $0.94, which is important due to Fibonacci retracement levels, especially in a potential wave 4 retracement. If ADA drops below $0.644, it could signal the end of the current uptrend.

Possibility of rising prices

The potential target range for the next price rise is between $1.72 and $2.95, depending on whether the price continues its current uptrend or completes the correction. A higher low and higher high are expected before reaching the top.

Partial support levels

For shorter time frames, the key partial support area is between $1.11 and $1.21. As long as the price remains above $1.11, the expectation of a bullish breakout remains valid. A break below $1.11 could lead to a bearish scenario in the short term, but the overall trend remains bullish as long as it remains above the critical level of $0.644.

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Key price levels to watch

• $1.11: Partial support level, which is the pivot point of a potential uptrend.
• $1.24: A break above this level may signal the beginning of the next bullish wave.
• $1.32 – $1.33: Additional confirmation will come from a break of the previous high.
• $1.49+: This is the next upside target area if the price continues to rise.

What’s next?

If ADA breaks the $1.11 level, the bullish pattern will lose strength. However, if the price holds, we could see a breakout towards higher targets. It is important to monitor clear breakout signals before focusing on smaller time frames of potential price action.

Frequently asked questions