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The Cardano bulls are bearly hanging in there, and the key level to watch out for is the Neckline region for the Head and Shoulder Pattern currently forming on the 4-hour timeframe.
This Neckline region is so important to the Cardano bulls because a price break below it will definitely see the ADA/USDT price crashing back down to the $0.9608 price level in the coming days.
This $0.9608 bearish target for ADA also coincides with the 0.618 Fibonacci key retracement level.
But all hope is not lost, the Cardano bulls can still fight back and stop this bearish sell-off before it starts.
All they need to do is hold on to and keep the ADA price above the NECKLINE region on the 4-hour timeframe at all costs!
If this Neckline level holds, Cardano will not sell!
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Well Is There A Bullish Price Scenario?
Yes! there is a bullish price scenario for Cardano. And in this section, we will be breaking it down for you.
There are only two rules for the bullish price scenario to play out. And those are:
- The Neckline region must hold for ADA to remain bullish
- The ADA price must break through the $1.1958 previous highs on the 4-hour timeframe
A bullish breakout above the $1.1958 previous high will immediately change the ADA market direction from a downtrend to an uptrend.
Bullish Target For ADA
Our bullish target for a potential move like this would be the $1.3914 price level.
Once the price breaks through the $1.1958 previous highs in the 4-hour timeframe, there is a very high probability that we might see this 16% bullish surge in price play out after.
Final Verdict!
We now have potential trade setups for both the bullish and bearish scenarios for ADA, with the best entry levels and targets to watch for.
The question now is what direction will Cardano decide to go? And the two key levels to watch are:
- The break below the Neckline region on the 4-hour timeframe for bearish setup or
- A price bullish break above the $1,1958 previous high for a bullish trade setup.
Now we wait!
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