Recently Cardano has been witnessing an extremely volatile period of time. This is mainly because the investors have been gradually slowing down in order to re-enter the cryptocurrency market.
Cardano has been suffering from a stagnation period of 5 days. There have been no clear signs as to where their price is actually heading toward in the future. Now because of the reason that ADA is perched at an important support level, there is a demand for a surge. It is needed for it to move towards a new record high.
Cardano Geared Up For An Upward Journey
The price action of Cardano has been limited within the space of the growing parallel channel since the last month of February. Thus every time the ADA has spiked to this formation of the technical upper boundary from the beginning of February, it has faced faces rejection and has withdrawn to a lower edge. At this point, there is a tendency for a rebound that is consistent with the aspects of a channel.
After the latest retest of the lower trendline of this channel, Cardano might be well prepared for the bullish momentum that is aimed towards the upper or middle trendline. It has already done experienced that in the last few weeks.
The areas of interest are $1.90 and $1.50. In case the underlying $1.10 support is able to maintain itself then the odds for another rebound for an all-time high might be intact still.
It is apparent that the support level at $1.10 is crucial. However, only a regular candlestick a little lower than this level will be able to invalidate this bullish momentum. Breaking through the price level will reveal Cardano’s movement towards the upcoming significant interest area of $0.88.
