Since its all-time high in early September, the price of the ADA token has only dropped. The price still did not show a signal to reverse the trend, but indicators predict that the trend will soon reverse. The current correction is strikingly similar to the previous one. It has reached Cardano local minimum, or will we continue with the correction?
The current correction has reached a level of just over 40%. In the long run, this is a routine correction that can only be part of a long-term upward trend. Long-term growing trend of Cardano remained unchanged and still reaches higher local lows and highs. Volumes are also stagnating at low numbers, which heralds high volatility.
ADA is heading for a new ATH
Price has a problem overcoming the MA21 indicator on the daily chart, similarly to the previous cycle. On the other hand, RSI indicates contact with oversold, similar to the previous long-term local minimum. The end of the correction is therefore approaching and probably the price will go into a new rising trend.
However, this does not mean that the reversal will take place immediately, and it is quite possible that we will go through another correction leg before the real bullish trend. The main support remains in the range of $ 1.70 to $ 1.80. This is currently the most bearish scenario where the price could fall and then continue bullish trend. Once the final structure is closed, the price of ADA is likely to exceed ATH.