Cardano is still trading around the value of 1.21$, keeping up the price levels above the price of 1$ with the recent gains. Even though the market entered a broad negative momentum and traded mostly in the red zone for a great part of the bi-weekly cycle, ADA managed to gain enough traction to keep its support levels and closed the week on a positive note. With hints that ADA might be preparing to score a new all-time high price, can Cardano trade above the value of 1$ and the current price of 1.21$ in the following weeks?
Cardano (ADA) is Forming a Bullish Pattern
From trading at low lows in 2020 to reaching a new all-time high price in 2021, Cardano made 9000% returns, making a great recovery and finding support levels at 1$. The current price is 1.21$ after the daily dip of barely -0.5% and the weekly gains are recorded at over 7%. Since Cardano is forming a petal pattern with the latest price movement, the price may soon break out and ADA may attempt to retest its all-time high price at the value of 1.48$. For now, ADA is trading around -10% down compared to its ATH price. The next price breakout may have pullbacks, however, it is less likely that this will be the case, although some factors may influence the outcome. This is a continuation pattern, so traders may expect to see an upside breakout, almost without a mistake. The price of 1$ comes with a significant psychological momentum which may induce a positive sentiment among traders and investors. In case ADA reaches its ATH and retests that value, it may be easy for Cardano to reach a new ATH at 2$. For now, ADA is dipping on the daily chart, but may soon become bullish and bring new gains for investors.
Image credits: Cover photo taken from Mohammadreza Alidoost on Unsplash