Cardano (ADA) has seen a greater than 400% gain since mid-December 2018. Unsurprisingly, it has been one of the best performing coins during this time period. Having hit a 7-month high of over $0.10, ADA’s general bias still seems bullish. Having been backed by continual positive fundamental news including Coinbase listing and Ledger support, ADA is considered by some to be a potential “Ethereum killer”.
The daily chart shows us that a (well due) correction may well be taking place. The high of $0.1037 has been followed by a stalling in price action around the $0.08 level. With key weekly resistance at $0.0898, the price has fallen into a previous consolidation zone between $0.0804-0.0868. The current descending trend line is key. Should we see that finally broken, $0.10-0.12 are the next logical next upside targets. $0.14 is a longer-term upside target.
However, should there be a more significant correction, a fall out of the $0.0804 consolidation zone, could see a fall down to the $0.0633-0.663 region. This may just be seen by many as a great opportunity to increase their investment holdings.