Cardano Price Prediction: ADA will consolidate before forming a strong pattern

 

• Cardano's price has reached the end of its bullish momentum, resulting in sideways movement.

• A modest retracement to the immediate demand barrier ranging from $1.19 to $1.25 seems possible as the ADA price seeks to create a consistent pattern.

• If $1.19 is broken, a retest of the subsequent demand zone ranging from $1.01 to $1.14 is possible.

Cardano's price has reached a swing high as a result of strong buying pressure. As the bulls take a break, the sellers can force a reversal.

Cardano's price demonstrates its indecisiveness.

Cardano's price has risen nearly 30% in the last week, surpassing the local high of $1.32. Buyers seem to have been drained by this upswing, resulting in sideways movement above the swing high.

A pullback could be a logical outcome if the bears gain dominance. Any short-term selling pressure will be cushioned by the immediate 6-hour demand zone, which ranges from $1.19 to $1.25. As a result, the bulls must come to ADA's aid.

If the buyers can overcome the selling pressure, Cardano's price will rise 15% to $1.44, which will coincide with the 161.8 percent Fibonacci extension stage. A surge in bid orders could push the so-called "Ethereum-killer" to $1.52, the 200 percent Fibonacci extension mark.

As a result, defending the immediate area of support would enable Cardano to approach its all-time highs of $1.55.

However, if Cardano price breaks through $1.19, the bullish scenario would be jeopardized, resulting in a 4% downtrend to the upper trend line of the 12-hour demand zone at $1.14.

If investors continue to book profits, ADA could remain in this area of interest for a long time until a new bull rally starts.