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- Cardano price slipped below the $1.01 support level, collecting liquidity and suggesting that a reversal is likely.<\/strong><\/li>\n
- The resulting uptrend eyes a retest of the weekly resistance barrier at $1.20 or a 20% ascent.<\/strong><\/li>\n
- A breakdown of the January 24 swing low at $0.951 will invalidate the bullish thesis for ADA.<\/strong><\/li>\n<\/ul>\n
Cardano price has been on a steady downtrend since January 18 from a short-term time frame. The recent move has slipped below a stable support level to collect liquidity. Therefore, investors can expect ADA to see a reversal<\/a> in the coming week.<\/p>\n
Cardano price eyes recovery<\/strong><\/h2>\n
Cardano price set up a short-term local top at $1.26 on February 8 after rallying 25% in roughly a week. This run-up faced exhaustion leading to a steep correction<\/a> to $1.01 and lower. The move collected liquidity, signaling that ADA is due for a reversal.<\/p>\n
Therefore, investors can expect Cardano price to see a resurgence of buyers in the coming days. Although the $1.10 barrier might hinder this upswing it is not significant so, ADA is likely to continue going higher.<\/p>\n
The $1.20 level has played a crucial role in setting up a higher high in January and is also a weekly resistance barrier. Hence, ADA will likely retest this level and set up a local top here. In total, this run-up would constitute a 20% ascent<\/a>.\u00a0<\/p>\n
- The resulting uptrend eyes a retest of the weekly resistance barrier at $1.20 or a 20% ascent.<\/strong><\/li>\n
![\"ADA\/USDT](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/ADAPERP_2022-02-20_08-14-20-637809218741232803.png\")
<\/a><\/p>\n