Cardano Price Squeezes With Breakout

Cardano price sees bears and bulls getting squeezed toward each other since the latter were able to break above the 55-day Simple Moving Average on Tuesday at $0.957. From the topside, the significant $1.00 barrier is doing its part to refrain bulls from entering above with short-sellers selling massively to maintain price action subdued.

Cardano Price Squeezes With Breakout

With the current tailwinds and technical setup, the coin is set to flip in favor of the bulls with a breakout above $1.00, which will open the door to a big area that could hold 65% gains, with Cardano price hitting $1.677. Cardano price has hurt many bears on Tuesday by covering a lot of ground to the upside, as a rally is picking up speed. Help came from global tailwinds that are pushing equities and cryptocurrencies higher.

Although bulls hit a curb at $1.00, expect to see a breakthrough anytime soon as momentum is building for a bullish breakout with tailwinds overpowering bearish price action. Cardano price could be thus in for some solid gains that could mount up to 65%, towards $1.677 in what would be a perfect swing trade and possibly even print new highs for 2022.

That is a more longer-term trade as, in the near-term, the Relative Strength Index (RSI) is still offering some room for upside but is starting to look topish, near overbought. Expect this week for bulls to focus on $1.25 with the monthly R1 just below as the anchor point. Risk to the downside comes with bulls unable to break above $1.00, and that failed test becomes an actual rejection to the upside.

That would trigger the green light for bears to go in and fill every buy-order present to evaporate the demand and push price action back to the green ascending trend line that has already held on two previous occasions. Expect either a bounce off the trend line around $0.90, and with a break a full completion of the descent back to $0.779.

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Cardano Price Squeezes With Breakout via @marketinvestor
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