Despite the ADA’s dismal performance, the Cardano price signals significant movements ahead.
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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.