Tuesday, September 21, 2021
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Rally or crash for the Alonzo upgrade?

  • The Cardano course is currently grappling with a crucial $ 2.55 mark that can determine its fate.
  • The 10 rally is facing headwinds at the $ 2.74 resistance area.
  • A slide below the support at $ 2.40 would invalidate the bullish thesis.

The Cardano course is currently in a recovery period and is trading near a key brand. A clear close above this level could trigger a rally, while failure could result in losses.

Cardano course at a crucial threshold

Cardano price is up 15% from its low on September 8 and is currently trading at $ 2.55. However, the resistance barrier at $ 2.55 is crucial. This is where it will be decided in which direction ADA will go. A candlestick close on the 4-hour chart above this level should trigger a rally.

If the bulls manage to close above $ 2.55, investors can expect the Cardano price to have a resistance-free path to as low as $ 2.74. However, if this hurdle is overcome and the cap of $ 2.82 retested, the 10% recovery rally is complete.

A resurgence of the upside momentum here could prolong the climb, but market participants should expect a minor setback before they can expect another impulsive move higher.


ADA / USDT 4-hour chart

Regardless of the optimism, the Cardano price has to break the resistance level at $ 2.55 and convert it to a support level in order to have any chance of an upturn. Failure to do this could result in a relapse to the immediate $ 2.40 support level.

A resurgence of buying pressure at this level could be the key to a renewed upturn. However, should selling pressure force ADA to close below $ 2.40, this would invalidate the upside proposition.

In such a case, investors should expect the so-called “Ethereum killer” to collapse by 8% and retest the support level at $ 2.21.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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