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Since the start of the year, ADA has been trading in a Descending Channel Pattern on the 4-hour timeframe. This pattern is a high-quality bullish reversal pattern used by professionals to time the change in trend of an asset.
And right now, the Cardano price has just proven that pattern correct! At the time publishing this analysis, ADA has gone from a bearish trending asset to a bullish trending one!
This change in trend plays out exactly as we predicted in our previous ADA analysis Catching The Next Bull Run On Cardano! Watch These Levels
In this Cardano analysis, we will be giving you an update on what the ADA/USDT pair is doing right now, and what we can expect from the Altcoin price in the coming weeks.
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What Next For Cardano?
Right now, the ADA price has broken through the two resistance levels holding it back, a clear indication that the bullish run for the Altcoin might have started.
However, for this bullish rally to continue, the ADA/USDT price must stay above the $1.0210 horizontal support level.
This level is the line on the sand for the Cardano bulls! It has served as a major support for ADA previously in the past and should continue to do so in the coming days.
As far as price respects and continuous to trade above this $1.0210 key support level, we can expect to see more bullish pressure come in to the market and more buying power push the ADA/USDT price higher in the weeks to come!
Final Verdict!
The ADA bull run as finally started and we can expect to see the price surge continue in the coming days.
However, for this bullish prediction to remain valid, it is important for the Cardano price to stay above the $1.0210 key support level on the 4-hour timeframe.
A price break back below this key level does not invalidate the bullish rally, it only indicates weakness on the side of the bulls.
For this bullish rally on Cardano to be invalidated, the Altcoin price will need to take out the $0.7443 lows created during the ADA down trend.
More To Read!
In our next Cardano analysis ADA Bull Run: Price Targets And Key Levels To Watch For, we will be talking about the bullish targets, key levels to watch for and where we expect this bullish rally to drive the ADA price to in the coming days!
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