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Cardano’s price has dropped to its lowest daily close in ten months, but bulls are poised to seize control.
Cardano’s price movement completed the Sunday candlestick at a 10-month low, reverting to March 16, 2021 levels.
The $1.00 value range is still under threat.
Bears may try to knock Cardano down to sub-$1.00 levels.
Cardano’s price has steadfastly held the $1.00 value level as its key support. In the last 10 trading days, ADA has challenged the $1.00 mark eight times.
Cardano’s price may be poised for a bullish breakout above $1.00
Cardano’s price is poised for a strong bullish breakthrough if it can close above the Tenkan-Sen at $1.08. ADA has closed daily candlesticks below the Tenkan-Sen for the previous twelve days in a row. This extended constriction against the important 50% Fibonacci retracement at $1.00 has resulted in significant accumulation, which now appears prepared to launch another leg higher.
Cardano should be quite straightforward to get into the $1.30 zone for the Bulls. The 38.2 percent Fibonacci retracement, the bottom of the Cloud (Senkou Span A), the Kijun-Sen, and the 2022 Volume Point of Control are all located at $1.30. The oscillators support a price range breakout.
