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Cardano’s price may return to $1 as ADA threats rise
Cardano’s price is approaching two critical stumbling blocks around $1.20 and $1.24, implying that additional gains are improbable.
Investors might anticipate ADA to retrace around 15% and retest the crucial $1 level.
The short-term bearish thesis will be invalidated if the four-hour candlestick closes above $1.24.
Cardano’s price has broken through its consolidation zone, but it is failing to go higher. Because of the presence of a resistance confluence, bulls will have a difficult time completing this run-up.
Cardano’s price breaks free, but not for the better
For about two weeks, the Cardano price fluctuated between $1.12 and $1, indicating a consolidation. ADA broke through this sideways pattern on February 5 and created a swing high above $1.12 before flipping into a support bottom.
Cardano’s price is approaching two major resistance levels as it trades over $1.12: the weekly resistance level of $1.20 and the 50-day Simple Moving Average (SMA) of $1.24. As a result, the possibilities of an uptick are slim.
As a result, investors should anticipate the Cardano price to be rejected at any of the two hurdles and retrace downward. Failure to break through the 50-day SMA…
