ADA analysis – is the end of the long-term correction structure around the corner?
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ADA is still in the long run in the correction structure and the price confirmed neither the reflection nor the reverse pattern. Nevertheless, it is likely that the price Cardano slowly is nearing the end of this long-term correction. What are the possible scenarios and what is important to follow in the coming days?
Cardano created the last low at 78.6% retracement of all previous growth. It’s about deep correction. From this low, the price achieved a profit of about 14%, but it is still not enough to reverse the trend. Price either needs a reverse 123 bottom formation pattern, or a V-shape recovery, which means it does the price reflects immediately.
ADA / USD 4H. Source: TradingViewADA – the end of correction
In addition, the market price is close to above main and key support area, under which it will probably not fall. It is a range $ 1.35 to $ 1.15. It is almost early to say that the price has already reached a minimum and is still in a phase where it needs to stabilize.
In the long run, the price despite a deep correction still reaches higher local lows and higher local highs. Basically, the cycle is quite similar to the previous one, and the price has done nothing out of the ordinary. Regardless of whether the price has reached the minimum or will go to the mentioned support, the end of the correction is around the corner.
