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- Cardano price outperformed most cryptocurrencies this week, rallying by 40% since January 1.<\/strong><\/li>\n
- December’s monthly high has been liquidated, the mid $0.35 level is the next bullish target zone.<\/strong><\/li>\n
- Invalidation of the bullish trend is a breach below $0.265.<\/strong><\/li>\n<\/ul>\n
Cardano price has pulled off a surprising rally, outperforming nearly all other cryptocurrencies<\/a> in the space. The digital token now eyes the 2022 liquidity levels and could yield substantial gains if successful.<\/p>\n
Cardano price pulls a crypto 180<\/strong><\/h2>\n
Cardano price is the center of the crypto market’s attention during the second trading week of the new year. On January 9, the smart-contract token surged by 40% since its opening at $0.248 on 2023’s opening bell. As the days progressed, the trading range has expanded<\/a> progressively. Consequently, Cardano breached several short-term indicators and previous resistance zones.<\/p>\n
Cardano price currently auctions at $0.3170 as the self-proclaimed Ethereum killer token hovers within Deember’s broken support zone. Earlier in the week, the bulls breached both the 8-day exponential and 21-day simple moving averages, signaling that the uptrend was genuine<\/a>. The 15% spike on January 9 broke through the December monthly high of $0.3290, leading to a period of profit-taking consolidation.<\/p>\n
![\"tm\/ada\/1\/9\/22\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/ADAUSDT_2023-01-09_20-03-50-638089082608132570.png\")
<\/a><\/p>\nADA\/USDT 3-Hour Chart<\/small><\/strong><\/p>\n
Considering the scenario that has just unfolded, the bulls have collected several liquidity barriers and opening a long position for more gains is likely to face higher risks. Still, the rally’s slope is parabolic, and opening a short position on the digital token would be equally problematic.<\/p>\n
If the market is genuinely bullish, then the next target to aim for would be the 50% Fib level of November’s trading range at $0.3510, resulting in a 13% increase from ADA’s current market value.\u00a0<\/p>\n
On the contrary, if the bulls are already at their wits, the bears could take hold<\/a> of the current pause in the market and induce a selloff targeting the recently breached moving indicators that remain untested following the recent rally. The 21-day simple moving average is $0.2600 and would reside 15% below Cardano’s current price.\u00a0<\/p>\n
\n - December’s monthly high has been liquidated, the mid $0.35 level is the next bullish target zone.<\/strong><\/li>\n