Cardano is located in sideway structure after successfully breaking the resistance of the previous correction structure. The price is currently shaping potential 123 bottom formation pattern which, however, is far from confirmed. The price still holds the previous low and continues sideways. What levels are needed watch?
If the ADA does not maintain point 3, others The support levels will be $ 1.20 and $ 1.00. The price should not fall below those. However, we consider the whole zone to be accumulative, even if we fall into the mentioned supports. As with Bitcoin, real growth may come later.
Cardano in the accumulation zone
If the price manages to keep point 3, then we will be interested in the first place point 2 resistance at $ 1.60. Until the price exceeds this point, the sideway movement will not be definitively terminated. So the price is still on the sideway and we don’t know when this structure will end until it really happens.
In terms of technical analysis, there is a band $ 1.45 to $ 1.00 very strong support band and in the first half of 2021 it was traded mostly at this interval. Therefore, it is quite possible that Cardano is in the long term at the bottom or near the bottom. However, it may take a long time for a real upward trend.