Over the last two weeks, Cardano’s price has been incredibly optimistic. Cardano has increased by 37 percent from its January low of $0.92 to its most recent high of $1.26. A negative continuation move has not emerged from the recent decline from $1.30. Instead, a new purchasing opportunity has arisen. To avoid a further adverse perspective on the weekly Ichimoku chart. That means it has to close at or above the $1.32 value range this week. Cardano will open a candlestick below the Cloud the next week if this isn’t done, signaling a bearish trend.

In this play, Cardano’s price is getting ready to surpass $1.30. If it happens, the next resistance level will be $1.50

Cardano will have to close this week at or above the $1.32 level per share, which means closing above the Tenkan-Sans at $1.28 and the 38.2% Fibonacci retracement at $1.32

However, the bearish market sentiment will return before long unless there is a significant change in buying or selling habits. After converting into a bull market, this current O-column is the first pullback. This is a sign of strength and rivals that of Point & Figure analysis; it also provides an opportunity to profit.

Theoretically, in this extended position, you could enter a buy stop order at $1.20, with a stop loss at $1.12 and a profit target of $1.58. This would represent a 4.75:1 risk/reward ratio, but the trade may go against you and breach your losing Point. It’s based on an entry after a Pole Pattern reversal. So, your access and stop-loss should move in tandem as the price moves lower. However, the profit target remains the same.

The share price is likely to be halted near the critical and psychological price level of $1.50.The theoretical long position is surrounded by uncertainty if the current O-column repeatedly reaches the $1.08 value area. Cardano would likely be undergoing a new bear market in this hypothetical situation.

Major cryptos are in a bullish mood

Cardano (ADA) has surged in price while BTC refreshes its all-time high, which was seen on Coinbase. Ethereum also reached a new all-time high on Saturday at around 4,817. It’s now on a pullback in the same way as the world’s largest crypto by market capitalization is.

The overall sentiment in the cryptocurrency market remains positive and has so far done well. There may be setbacks, but they also appear to be short and mid-term benefits to buying. That’s why cryptocurrencies like BTC and ETH are waiting to make a few corrections before reaching critical levels of $70,000 and $5,000, respectively.