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ADA analysis – the price is at a key level, but it is still looking for a bottom

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ADA is at the previous minimum at the market price and the reverse pattern appears to be failing and the correction structure will continue. This means that the price is still looking for the bottom of the correction, which, of course, will also depend on the bottom of the entire market. Nevertheless, Cardano has the current correction one of the worst performances among high-cap coins.

Cardano is located strong support $ 1.20, however, this does not mean that the price is guaranteed to respect this zone. If this support zone does not last, another support is located at $ 1.00. No matter where the bottom is formed, the price must reach higher lows and then break the maximum between them.

ADA / USD 4HADA / USD 4H. Source: TradingView

The ADA is still looking for a bottom

In addition to the price itself, it is also necessary to monitor the bull volumes which are still missing. When resistance is broken, growth needs to be supported by volumes. In addition to the reverse pattern, we will also follow resistance breakdown which is created from local max correction.

As we can see, in the short term the price has still not bottomed out. In the long run, however the price continues its trend and reaches higher local minimums and higher local maximums. At present, the price is even close to the previous long-term bottom at $ 1.03.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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