Crypto News– Cardano (ADA Token) has consistently maintained a price level above the $0.24 horizontal support zone since the beginning of this year. Notably, from July onwards, Cardano forged a bullish triple-bottom pattern just above this critical area. An in-depth analysis of ADA’s daily chart reveals a sustained downtrend that began on April 15, following the attainment of a yearly high at $0.46, ultimately bottoming out at $0.22 on June 10.
18 October Cardano Price Steady Above 0.24 Dollars Support – What’s the Next Move?
A significant rebound followed, characterized by a notably long lower wick (indicated by the black icon), signifying substantial buying interest and reaffirming the $0.24 horizontal level as a solid support zone. Following multiple bounces in this region, the ADA token established a higher low on October 12, prompting an accelerated upward trajectory.
This post-June trajectory bears a resemblance to a triple-bottom pattern, represented by the green icons, widely recognized as a bullish formation. In recent developments, Charles Hoskinson, the creator of Cardano, has expressed his concern regarding what he perceives as the media’s unjust portrayal of Sam Bankman-Fried. Hoskinson has remarked, ‘The media is granting Sam Bankman-Fried, whom I consider the Bernie Madoff of our generation, an undeserved leniency.’
Furthermore, Mr. Hoskinson has introduced a novel privacy-focused sidechain named Midnight Protocol, which centers around three core principles: Freedom of Association, Commerce, and Expression, aptly abbreviated as ACE.
Cardano Price Forecast: Is Cardano’s Upward Momentum Sustainable?
Taking a closer look at ADA’s price action, it’s evident that on September 15, the price managed to break free from a descending resistance trendline. While the altcoin didn’t experience an immediate surge, it gradually picked up momentum in early October, reaching its peak at $0.27 on October 2. Subsequently, the cryptocurrency retraced, currently hovering just above the critical $0.24 horizontal support level.
Another upward move for ADA commenced on October 16; however, it struggled to maintain this momentum, resulting in a prominent long upper wick (as indicated by the red icon). Considering the breakout and the preceding bullish divergence, there’s a reasonable expectation that the forthcoming trend will likely be upward, with a potential target near the $0.31 resistance zone.
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