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.
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.
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.
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.
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.
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.
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