Cardano’s (ADA) uptrend stalled on Friday, despite an ongoing bull market in other currencies. On the European trading platform Bitstamp, bitcoin reached a record high of $52,757. This means that investors’ appetite for risk is growing again.
Looking ahead to the upcoming weekend, however, the bull market may be rebounding. Once again, the $1 level is up for grabs. Despite prices that stimulate fantasies, investors should not lose sight of the downside risks. In particular, profit-taking is possible. The associated price declines may punish overly euphoric investors sooner or later.
From a technical perspective, the psychological barrier of $1 remains extremely important for ADA. Should it manage to cross this amount, further increases are highly possible. A grouping below $1, however, will raise questions for allocators.
On the other hand, the highest was in January 2018 at around $1.4. Exceeding that would be another milestone in ADA history. But there is also the possibility of an exit. It is quite possible that investors will make a profit of $1 for now and the trend will end there. In this context, the “acceptable” downside range would again be up to $0.7.
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