The price of the native asset of the Cardano ecosystem and blockchain is behaving exactly as I forecasted in my last week’s analysis. Cardano price had a slight pullback at the start of the week as the Bitcoin price dipped below $35,000.
However, the outlook remains bullish and I am going to give a high probability trade setup in this analysis. At the time of writing, ADA price is trading at $0.368 after gaining 3% on Wednesday. This recovery is due to a strong rebound in the BTC price from its weekly lows.
The following chart shows that the bulls are targeting the next resistance zone around $0.405. This price target was also given in my last analysis but the price had a pullback just a few points below this level.
If Cardano price avoids a daily closure below $0.335, the most likely scenario will be a surge toward the $0.405 level in the coming days.