Cardano Is Not Dead: Analyst Confirms Breakout With New ADA Price Targets

The Cardano (ADA) price is still holding up quite nicely and has maintained support above $0.81. This level is now acting as the major level in the recovery, becoming even more important as the technicals pile up at this ￰0￱ the importance of holding this level, pseudonymous crypto analyst The Alchemist Trader shows what will happen as long as bulls continue to maintain their ￰1￱ Foundation For The Cardano Price Rally In the analysis, the importance of holding $0.81 is shown by several major ￰2￱ first of these is the fact that this level is the 0.618 Fibonacci retracement ￰3￱ addition, it is also the major support on the daily timeframe, helping to maintain the bullish momentum.

Thus, the foundation of the Cardano price rally is built on the $0.81 ￰4￱ Reading: Shakeout Pattern Says Bitcoin Price Is Not Done, Why It’s Headed Above $130,000 As The Alchemist Trader explains, the $0.81 level is pivotal for the ADA price right ￰5￱ the past, it has served as the demand zone for the altcoin, absorbing sell liquidity and holding up against pressure from the ￰6￱ this, the analyst believes that holding above this region reinforces the bullish narrative for Cardano despite other bearish factors such as declining ￰7￱ bullish factors that have emerged are the fact that the ADA price has continued to put in higher lows and higher highs.

Naturally, higher lows and higher highs mean an asset is maintaining its bullish trend, and Cardano is no ￰8￱ each correction reaching into the key support zone at $0.81 before bouncing, the analyst points out that this means that bulls are still in ￰9￱ corrections are ‘healthy resets’ and do not signal exhaustion for the digital ￰10￱ ADA Price Is Headed Is $0.81 Holds As long as the $0.81 region holds, then the ADA price does remain incredibly ￰11￱ first major push upward is expected to clear out the $1 resistance and move it into the $1.16 ￰12￱ is the spot that bulls will need to beat in order to actually validate the bull ￰13￱ Reading: Is The US Planning To Use XRP To Clear Trillion-Dollar Debt?

New Developments Shock Community Once $1.16 is surmounted, then the resistance at $1.19 swims into view, and this is where the momentum must hold the ￰14￱ is because these are regions that align with the “previous resistance levels and Fibonacci extension objectives.” Thus, beating these will mean that the price can continue to rally. “A rotation toward $1.16 appears likely, and a breakout beyond that level could drive price action toward $1.19 in the short to mid-term,” the crypto analyst ￰15￱ image from Dall. E, chart from ￰16￱