- Cardano price hits the 61.8% fibonacci retracement of the May correction at $ 1.90.
- The ADA price cracks the resistance from the high of 2018 and has not risen since May 24th.
- The target of the move out of the symmetrical triangle of $ 1.74 was exceeded.
Cardano price broke away from the magnetic effect of the 2018 high at $ 1.40 on August 10, rising 13.74%. The breakthrough was followed by a 6.93% rise and a test of the 61.8% retracement of the May slump, giving ADA investors who bought into the symmetrical triangle breakout on August 5th a return 33%. The bull market is likely to continue as the all-time high of $ 2.51 is now within our grasp.
The volatility of the Cardano price brings a new trend dynamic
At yesterday’s high of $ 1.91, Cardano price was up nearly 90% since the July 20th low, with an 11.01% increase on July 21st kicking off the ADA rally and a 13th increase , 74% broke the 2018 high resistance on August 10.
A fundamental turning point for the ADA rally since the July 20th low was the bullish golden cross pattern on the six-hour chart on August 5th. It added momentum for the rally and indicated a change in trend for Cardano price.
ADA / USD 6 hour chart
With the test of the 61.8% retracement level and the June 3rd high at $ 1.89, Cardano price has positioned itself for significantly higher prices. To capitalize on the building momentum, ADA needs to break the retracement level and the psychologically important $ 2.00 level with the same coherent price action as it did on August 10th. If this succeeds, Cardano price will hit the 78.6% retracement level at $ 2.16 and then only 16% away from its all-time high of $ 2.51.
Higher ADA price predictions will be released once the Cardano price hits its all-time high.
ADA / USD daily chart
The cryptocurrency complex could be gripped by a wave of profit-taking in the coming days, jeopardizing Cardano’s substantial price advances. ADA needs to hold its 2018 high at $ 1.40 during a correction and a falling volume profile should accompany this.
ADA investors had to wait a long time for Cardano price to increase volatility to break the 2018 high. As long as the daily high of 2018 holds, the altcoin is well positioned to hit a new all-time high in the coming weeks.