Cardano may have seen a small 3.62% slip in price over the past 24 hours of trading, dropping the current price down to around $0.093. However, this does not change the fact that the cryptocurrency is up by 38% over the past 30 days, and a further 125% over the past 90 days.
Cardano is now presently ranked in 12th position, dropping out of the top 10 cryptocurrency projects, as it currently holds a $2.41 billion market cap value.
Source: CoinMarketCap
Despite the recent price declines, Cardano looks like it might be ready to break the resistance at the $0.1 level and reach $0.12 by the end of June 2019. For Cardano to reach $0.12, it must increase by a total of 30% from the current price.
Cardano Price Analysis
ADA/USD – MEDIUM TERM – DAILY CHART
What Has Been Going On?
Analyzing the daily ADA/USD chart above, we can see that Cardano recently managed to close above the strong resistance at the $0.09398 level, to close at a level of $0.09631. Cardano has since fallen back below the aforementioned resistance to reach the $0.09230 support level.
What Is the Current Trend?
The trend for Cardano remains bullish. For this trend to be invalidated, we would need to see ADA fall and drop beneath the $0.075 level.
Where Is the Resistance Toward $0.12?
If the bulls regroup and push ADA/USD higher again, we can expect immediate resistance above the market to be located at $0.09398 and then at $0.1. Above $0.1, further resistance then lies at $0.1077 — which had provided resistance for the market during September 2018 – and then at the bearish .5 Fibonacci Retracement level (drawn in red), priced at $0.1120. This long-term bearish Fibonacci Retracement is measured from the July 2018 high to the December 2018 low.
If the buyers continue above $0.1120, further resistance then is expected at the short-term 1.272 Fibonacci Extension level (drawn in purple), priced at $0.1170. If they can clear this level, they will be free to make an attempt at the $0.12 target.
What If the Sellers Take Control?
Alternatively, if the market starts to move toward the downside, we can expect immediate support at $0.09185, $0.08979, $0.08646, and $0.08.
Conclusion
Cardano has seen a wonderful 124% price run over the past 3 months. If the buyers can continue to press further beyond the $0.1 resistance level, the market will be free to increase by a total of 30% and test the $0.12 level before the end of June 2019.
