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As ADA rebounds from recent losses, the price of Cardano is limited at $1.26
Cardano’s price is recovering quickly, having risen 20% in the last 10 days.
According to technical and transaction data, the upside for ADA is limited at $1.26.
A daily candlestick closure below $1 will undermine the bullish premise and result in more losses.
Cardano’s price is showing symptoms of an optimistic outlook, but the resulting upswing is likely to be limited because to the numerous obstacles in its route. As a result, investors should be cautious of ADA and its potential surge.
Cardano’s price continues to rise
As a result of a similar situation in Bitcoin, the price of Cardano dropped by 45 percent between January 20 and January 22. Although ADA fell below the psychological level of $1, it did not form a candlestick that was near to it. The rebound above this level was swift, and thus far, ADA has gained 20% from its low, with hints that this trend may continue.
While the uptick is encouraging, it will be met with a number of roadblocks along the way. Furthermore, the presence of the 50-day Simple Moving Average appears to have halted this rally at the $1.26 mark (SMA).
