After being locked in a big decline in a bull market, Cardano price is showing some signs of life.
As ADA enters the daily demand zone and creates a triple-tap system, things are looking brighter.
The bullish thesis will be invalidated if the price closes below $1.71 on a daily basis.
After achieving a new all-time high on September 2, Cardano’s price fell for nine weeks in a row. Things are looking good for ADA, according to two technical indicators that point to a positive future.
Cardano’s price is expected to rise.
The price of Cardano has dropped approximately 42% from its all-time high of $3.10 to the current swing low of $1.775. This drop occurs at a time when the whole bitcoin market is on the rise. While this may be discouraging to ADA investors, things are beginning to look up as two positive indications for the Cardano price emerge.
Cardano’s price appears to be bottoming out, with its movements resembling a rounded bottom. Furthermore, ADA has developed a triple tap bottom reversal setup that frequently results in a big upswing on the last tap. The latest plunge into the 12-hour demand zone ranging from $1.73 to $1.87 has given this pattern a boost.
As a result, Cardano’s price is set to skyrocket, however it may take a long time to reach its peak of $3.10. Investors should be aware that ADA will find significant resistance between $2.30 and $2.53, which must be overcome in order for the stock to achieve its final goal.
While the price of Cardano is rising, a collapse into the $1.73 to $1.87 demand zone will imply a pessimistic outlook for the cryptocurrency. It will become invalid if the daily closing falls below $1.73. This move also raises the risk of another drop to $1.58, which is the immediate support level.