Despite the ADA’s dismal performance, the Cardano price signals significant movements ahead.
Cardano is the cryptocurrency with the lowest performance among significant market capitalizations.
Gann’s ‘Death Zone’ cycle is completed when weekly candlestick closes below the open for eight weeks in a row.
On the Point and Figure chart, a very bullish pattern is forming.
Cardano’s pricing has been the most disappointing of the major market capitalization cryptocurrencies. It is now selling at a discount of 35% to its all-time high reached the week of September 3rd. Cardano is currently trading at a 42 percent discount to its all-time high. However, positive price activity might be on the way.
The price of Cardano has completed a Gann cycle, indicating that it is poised for a breakthrough on the Point and Figure chart.
Over the weekend, the price of Cardano might rise quickly and violently. The surge is due to the conclusion of a significant cycle in Gann Analysis known as the “Death Zone” cycle, not the Point and Figure chart alone. The death zone, according to Gann, is any motion in a continuous trend/direction that lasts roughly 49 to 52 days. After this cycle, Gann cautioned, markets are prone to sudden reversals and/or corrections.
The development of the Bullish Catapult set up on Cardano’s $0.02/3-box reversal Point and Figure chart coincides with the Gann ‘Death Zone’ cycle. A buy stop at $2.08, a stop loss at $2.00, and a profit objective of $2.28 are the potential trade setups. If Cardano falls below $1.94, this hypothetical transaction becomes invalid.
If the $1.90 level is not held as support, selling pressure might build quickly, pushing the price down to the $1.70 value range.