- Cardano price hovers above the $0.310 support level and has a chance of a quick run-up.
- ADA bulls need to flip the $0.321 hurdle to kick-start a move to $0.379.
- A four-hour candlestick close below $0.299 will invalidate the bullish thesis.
Cardano price shows a prolonged consolidation around stable support levels. This range tightening has been ongoing for more than two weeks. Therefore, a breakout will likely trigger an explosive move.
Cardano price awaits bullish resurgence
Cardano price has been stuck trading between the $0.299 and $0.321 barriers for nearly three weeks. While there were multiple attempts to move above this range, the lack of bullish momentum resulted in a retest of the intermediate support level at $0.310.
As Cardano price auctions at this level, investors need to pay close attention to the Relative Strength Index (RSI). This popular momentum indicator is hovering below the midpoint at 45. A flip of the midpoint will indicate that the bulls are ready to make a move.
This development needs to propel Cardano price to flip the $0.321 hurdle. A successful move will open the path for ADA to move higher. In such a case, the so-called “Ethereum-killer” will target the immediate resistance level at $0.379.
In total, this move would constitute a 22% gain for investors that purchase ADA at $0.310.
ADA/USDT 4-hour chart
Regardless of the optimism, Cardano price needs to do its job. Additionally, Bitcoin price needs to end its low volatile regime for the explosive move to occur. On the other hand, if ADA produces a four-hour candlestick close below $0.299, it will invalidate the bullish thesis.
In such a case, Cardano price could revisit the $0.295 and $0.290 support levels.