- Cardano price entered the choppy zone on February 27 and showed no directional bias.
- Although there were deviations below the ranges, ADA seems to be reverting to the mean.
- A decisive close above the supply zone’s upper band at $1.23 could trigger an upside move.
Cardano price anticipates a blast-off from the lower range as indecisiveness becomes a new trend. While optimistic, the upward move will arrive after the immediate resistance is broken.
Cardano price eyes 20% advance
Cardano price set up a higher high at $1.48 on February 27 after surging nearly 63%. This bullish move was met with profit-booking investors that shifted ADA to $1.15 the following day, creating the lower range.
Since February 28, the so-called “Ethereum-killer” has maintained its price movement within this range, albeit deviating from it at times.
Now, Cardano price has once again extended below the lower bounds and is eyeing a reversal. While bullish, ADA needs to slice through the immediate supply zone that ranges from $1.18 to $1.23. A decisive close above this obstacle will signal a potential spike to $1.48. This 20% upswing to $1.48 might be cut short by the 50% Fibonacci Retracement level at $1.32.
Hence, a secondary confirmation will arrive once ADA conquers the level mentioned above.
ADA/USDT 12-hour chart
While the bullish thesis hangs in the balance that ADA will repeat its past moves, it might not. If buyers fail to breach the resistance zone, a 10% correction to $1.02 might ensue. A breakdown of this level will invalidate the positive outlook and kick-start a bearish one. In this case, Cardano price might crash another 12% to $0.90, lows seen during the recent flash crash.