Crypto News– Since the onset of July, Cardano (ADA Token) has been shaping a promising triple-bottom pattern in its price action. This pattern has evolved within the established $0.24 horizontal support area that has been in place since the beginning of the year. The question now is whether this bullish pattern will yield positive price reactions.
Can Cardano Price Surge in Light of This Bullish Pattern?
Analyzing the daily chart for ADA Token, it becomes evident that its price has been on a decline since reaching the yearly peak of $0.46 back in April. This descent bottomed out at $0.22 on June 10.
However, a noteworthy turnaround occurred as the price of Cardano rebounded, marked by a substantial elongated lower wick (depicted as a black icon). This rebound effectively confirmed the $0.24 level as a robust support zone.
In the subsequent course, ADA Token revisited the $0.24 support region twice, specifically on August 17 and September 11 (represented by green icons). These retests have given rise to a triple-bottom pattern, a configuration widely recognized as a bullish signal.
Despite the presence of this optimistic pattern, ADA Token has thus far refrained from exhibiting any substantial upward movements in its price action.
ADA Token Price Prospects: Will a Short-Term Breakout Trigger a Reversal?
Upon closer examination of the price dynamics, ADA experienced a decisive breakout from a descending resistance trendline on September 15.
While the cryptocurrency didn’t witness an immediate surge, it gradually gained momentum as October unfolded, culminating in a peak of $0.27 on October 2.
With this in mind, it appears reasonable to anticipate that the most probable trajectory for the cryptocurrency in the near future is an upward push, with a primary target of at least the $0.31 resistance zone.
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