Since the start of July, the price of Cardano (ADA) has formed a bullish triple-bottom pattern.
The $0.24 horizontal support region, which has been there since the start of the year, is where the pattern was formed. Will this bullish pattern cause the price to respond favourably?
Cardano Establishes a Bullish Trend
After hitting a yearly high of $0.46 in April, the price of ADA has decreased, according to an examination of the daily data. On June 10, this fall hit a low of $0.22.
There was a spike in Cardano’s price after this decline. It established the $0.24 level as a support zone and created a lengthy lower wick (black symbol).
After that, on August 17 and September 11, ADA went back to the $0.24 support area twice (green icons). As a result, a triple bottom pattern was formed, which is usually seen as positive.
ADA Price Prediction: Can Cardano Sustain Its Bullish Momentum?,ADA Price Prediction: Can Cardano Sustain Its Bullish Momentum?
News reports state that Charles Hoskinson, the founder of Cardano, is shocked by what he perceives to be unjust media portrayal of Sam Bankman-Fried. He remarks, “The Bernie Madoff of my generation is getting a free pass by the media,” to be more precise.
Additionally, Mr. Hoskinson unveiled Midnight Protocol, a brand-new sidechain with an emphasis on anonymity. The abbreviation ACE refers to its three main tenets, which are Freedom of Association, Commerce, and Expression.
The trend appears to be positive based on the daily Relative Strength Index (RSI).
In order to assist them decide whether to purchase or sell assets, traders use the RSI as a momentum indicator to determine if a market is overbought or oversold.
During an upward trend, an RSI value above 50 indicates a bullish edge, while a reading below 50 implies a bearish edge.
Of particular note is the considerable bullish divergence (green line) that the RSI displayed during the triple bottom pattern’s creation.
This divergence, which frequently indicates a reversion towards a positive trend, happens when a decline in price is accompanied by an increase in momentum.
ADA Price Prediction: Can Cardano Sustain Its Bullish Momentum?,ADA Price Prediction: Can Cardano Sustain Its Bullish Momentum?,ADA Price Prediction: Can Cardano Sustain Its Bullish Momentum?