Known as the Ethereum killer in the crypto world Cardano (ADA) stuck in a major downtrend in a current bull market. Unable to breathe for about two months ISLANDLooks like it’s finally starting to improve.
As Cardano (ADA) price entered the daily demand zone, it also started to form a “three-touch” setup, an important signal that ADA price is improving. Although there are certain conditions for an increase in the ADA price, there are important levels that investors should pay attention to. E.g $1.71A one-day close below below will invalidate the bullish argument.
cardano The price has seen a downtrend for nine consecutive weeks after hitting an all-time high (ATH) on September 2. However, an uptrend was expected in ADA due to two technical indicators pointing to a bullish outlook.
ADA price September 2 $3.10after performing ATH in $1,775It has decreased by about 42% so far. It was a bit of a surprise that these declines were seen during a time when crypto markets were dominated by “bulls”. Although this situation is sad for ADA investors, the two bullish signals seen on the charts kept hopes alive, and these bullish signals apparently started to realize themselves.
Cardano price seems to be in the process of a bottom as its moves resemble a round bottom. Also, ADA has created a triple bottom reversal setup, which often leads to a huge spike on the final touch. Adding a “tailwind” to this formation has recently 1.73 with 1.87 It shows the fall to the 12-hour demand zone, which ranges from the dollar to the dollar.
In the light of all these data, it can be said that the ADA price $3.10 planted at the level. Of course, this rise doesn’t look like it will happen quickly (at least according to the technical data), but ADA seems to be making firm steps towards its end goal. When the next resistances are identified, there are two important resistances at $2.30 and $2.53.
While Cardano (ADA) continues its price search, if a breakout occurs to the demand zone between $1.73 and $1.87, it is possible to say that a downtrend in ADA price has started. A daily close below $1.73 will completely invalidate this thesis. This close could also enable a pull towards a key support at $1.58.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.