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8/3/2021 10:04:05 PM GMT
Cardano price closed last week with a 6.89% gain after failing to hold gains above the 2018 high of $1.40.
ADA has shaped a head-and-shoulders pattern with a measured move of approximately 60%.
IOMAP metric indicates that the digital token faces limited resistance (out of the money addresses) to claiming the 2018 high.
Cardano price staged a rebound in July after dropping near the 38.2% Fibonacci retracement at $0.971, marking the fifth consecutive month of a bullish reversal from the level. Despite another bullish reversal, the ADA outlook remains mixed with the 2018 high still inflicting heavy resistance on breakout attempts. Only a daily close above $1.498 would transition the outlook to moderately positive.

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