Cardano Price Analysis: ADA upswing could potentially hit $2.4

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  • Cardano is getting ready for a 37% upswing to $2.4 if the x-axis resistance is broken.
  • ADA/USD will confirm the bullish outlook if it closes the day above the 50 SMA on the 4-hour chart.

Cardano has managed to recover from the recent dip to $0.118 to exchange hand at $0.16. The ascending trendline has protected the immediate downside. On the upside, a current barrier at $0.173 continues to limit price movement. An anticipated breakout is likely to result in a 37% upswing to $2.4.

Cardano bulls are keen on building the uptrend

ADA/USD is trading at $0.16 at the time of writing amid a bullish building momentum. If buying pressure behind Cardano surges, it might lift to test the resistance at the ascending triangle’s x-axis.

A break above the resistance at the $0.173 will boost ADA/USD and confirm the massive breakout. The bullish outlook will be validated as soon as the Relative Strength Index breaks from the bearish divergence. A bearish divergence comes into the picture when the RSI forms a series of lower highs while the price creates higher lows.

ADA/USD price chart

ADA/USD 4-hour chart

It is worth noting that the massive bullish outlook will be invalidated if the price corrects from the current level and slides under the ascending triangle’s hypotenuse. The bearish picture might also be confirmed if Cardano closes the day under the 100 Simple Moving Average.

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