The altcoin market is bleeding after the Terra crash and the liquidity crisis in stake Ethereum tokens. However, the ADA price has started to fluctuate sharply in recent days. Tony Montpeirous, FXStreet analyst, says that the ADA chart offers opportunities for scalp trading.
According to the analyst, Cardano price is now giving very dangerous signals for long-term investors. In the following days, the ADA price offers more successful trades with a scalping style trading strategy.
Cardano price has been fluctuating in recent weeks. Thus, it has prepared a very volatile ground for the coming days. The prolonged battle for control of the ground is unexpected given that other altcoins are starting to rise higher to make up for the losses from the June 13 sell-off. Now Cardano is facing a resistance that limits the upside potential at $0.68.
According to the analyst, it is possible for Cardano to rise 35% without invalidating the macro thesis. Meanwhile, scalp traders have the option to take positions in either direction of the trend. If there is a break above $0.51, Cardano is targeting the June 13 high of $0.66. However, the bears are likely to watch the current ADA price and hope for a dip below $0.41 to start the long-awaited decline below $0.20.
Long-term traders may consider staying away from the market or adopting the scalpe trading mentality. At $0.93, the downtrend remains macro invalid. If the bulls can break this level and push prices well above $3.00, they can make up for all their losses this year. If the analyst's scenario materializes, it would represent a 550% increase from the current ADA price. On the other hand, it is important to follow the triangle formation shaped on the ADA chart in the technical part.