Altcoins News
By Evie Vavasseur
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Cardano (ADA), one of the top blockchain projects by market cap, is drawing attention from technical analysts as it flashes signals of a possible bullish reversal.
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Cardano Price Drops but Technical Patterns Emerge
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Over the past week, Cardano has been under pressure, falling from above $0.70 on June 12 to around $0.6203 by June 18. The 13.
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According to a recent post from Rose Premium Signals, a well-followed analytical account on X, Cardano is showing signs of forming a triple bottom pattern—an indication that a…
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Triple Bottom Could Signal Trend Reversal
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The triple bottom formation is often viewed as a strong bullish signal in technical analysis.
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Cardano's first low in this pattern was recorded on February 3 at $0.51. The second retest of the same level came on April 7.
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If ADA maintains this level and rebounds, the chart formation could confirm a triple bottom, opening the door for a trend reversal.
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Adding more weight to the bullish thesis is the appearance of a falling wedge pattern on Cardano’s chart.
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Previous attempts to break this pattern’s upper trendline have failed, notably on December 2, when ADA hit $1.30, and again on March 3, when the price peaked at $1.17.
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Important Price Levels and Targets to Watch
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If ADA successfully holds the $0.51 support level and forms a bullish weekly candle, the first resistance zone lies around $1.0057.
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These targets are derived from previous resistance zones and Fibonacci retracement levels commonly used in technical trading.
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At the same time, Cardano needs to recover a critical price range between $0.68 and $0.70 to shift its medium-term trend from bearish to bullish.
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The significance lies in the confluence of long-term moving averages around this zone. The 34-week exponential moving average (EMA34) is currently positioned at $0.
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