Cardano Price has rallied quite impressively after tagging new lows for 2022. Key levels have been defined to keep gage the next moves in the market
Cardano price pumps!
Cardano price, after hitting a low of $0.35 on Thursday morning for the first time in 2022, rallied nearly 10% in rocket-like fashion. The recent US Consumer Price Index (CPI) data release sparked the early morning liquidation, which enticed the bears to open shorts. It is likely that bears are trapped and will remain so throughout the weekend.
Cardano’s price currently trades at $0.38. Early bulls had a valid reason to buy the lowered ADA prices as the Relative Strength Index had identified historically oversold levels. Along with the countertrend rise, a surge in volume is also displayed.
The $0.40 level appears to be a congestion zone for the early bulls and can act as a level of support for further gains for the ADA price if hurdled. However, entering for a long may be exceedingly dangerous, given the sudden collapse and oversold readings.
A break above Sunday’s high of $0.43 would give more confidence that the current uptrend move is no ordinary short squeeze. A surge into the September high at $0.55 would be a fair chance. The price of Cardano would rise by 45% by way of said price action.