- Cardano´s price seems to be reversing its massive downtrend within a bull market after being stuck in it for weeks.
- Things are looking up for ADA as it dips into the daily demand zone and forms a triple bottom pattern.
- A daily close below $1.71 will invalidate the bullish thesis.
Cardano price experienced nine consecutive weeks of downtrend after reaching a new all-time high on September 2. However, things are looking up for ADA due to two technicals that suggest a bullish outlook.
Cardano’s price promises to rise further
From an all-time high of $3.10 to a recent low of $1.775, Cardano’s price has dropped about 42%. This dip occurs as the bitcoin market as a whole is rallying. While this may be discouraging to ADA holders, things are beginning to look up as two bullish indications for Cardano’s price have emerged.
The price of Cardano appears to be bottoming out, with its movements resembling a rounded floor. Furthermore, ADA has established a triple-floor turning pattern, which frequently results in a big surge following the previous low. The recent plunge into the demand zone on the 12-hour chart, which ranges from $1.73 to $1.87, is adding fuel to this pattern.
Cardano’s price is projected to skyrocket
It is expected that Cardano’s price will rise dramatically, however it may take a long time to reach its all-time high of $3.10. Investors should keep in mind that ADA will find significant resistance at $2.30 and $2.53. Which must be overcome in order for the stock to reach its ultimate goal.
While the Cardano price is strengthening, a breach below the $1.73 to $1.87 demand zone may signal a pessimistic outlook for ADA. The bullish thesis will be invalidated if the price closes below $1.73 on a daily basis. This move also raises the risk of another dip to $1.58, which is the immediate support level.