Cardano price may be too risky for long-term investors at the current time. A scalping-style trading plan could be a favorable approach for transacting with the ADA price in the coming days.
Cardano price coils in a tug-of-war-like fashion, which will surely induce a volatile market in the coming days. The ongoing struggle for grounds comes as a surprise as other cryptocurrencies are already beginning their ascent higher to recover losses since the June 13 sell-off. The sideways market indicates smart money’s interest for the Ethereum alternative smart contact token though upside potential may be capped at just under $0.68.
Cardano price currently trades at $0.48, leaving room for a 35% increase in value without invalidating the macro thesis. Countertrend scalpers may be enticed to play both sides of the market due to the spread. A breach above $0.51 could be the catalyst to propel the Cardano price to the Jun 13th Weekly high at $0.66. Bears however, are likely eyeing the current ADA price, hoping it falls below $0.41 to induce the long-anticipated decline to $0.20.
ADA/USDT 3-Hour Chart
Long-term investors should consider sitting on the sidelines or adopting a scalpers mentality. A macro invalidation of the bearish downtrend remains at $0.93. If the bulls can breach this level, they may be able to recover all losses made this year and send prices well above $3.00, resulting in a 550% increase from the current Cardano price.