Feeling déjà vu? ADA's price starts bouncing after testing the same support area that preceded a 65% bull run in March 2022.
) price has been rebounding after falling to its worst levels since February 2021. Meanwhile, a technical fractal suggests that ADA's upside retracement could continue in the coming weeks.after testing the same support area that preceded a 65% bull run in March 2022.
Specifically, ADA/USD witnessed a bullish rejection as its price fell below $0.75 on Feb. 24, a move that followed a short period of sideways consolidation. It later broke out of the flat price range, rising to $1.24 on March 26, indicating a strong buying sentiment near the area around the $0.75-level .The March 2022 fractal also showed ADA's three-day relative strength index treading near its oversold threshold of 30. The momentum indicator has returned to near the same level as ADA consolidates inside the flat range.
As a result of this fractal, Cardano eyes a sharp rebound from $0.75 in May 2022, with its interim upside target around $1, a level that coincides with the upper trendline of ADA's prevailing descending channel pattern.Conversely, a break below the $0.75-level, accompanied by an increase in volume, could have ADA test the descending channel's lower trendline as its next downside target .Cardano can also undergo a sharp rebound because of strong accumulation sentiment.
Notably, Cardano's richest investors, or"whales" that hold between 1 million ADA and 10 million ADA, have added 196 million ADA to their addresses in the past five weeks, on-chain data from Santiment shows., suggesting that investors have been buying the dip in anticipation of a sharp rebound. Earlier, a distribution phase witnessed across whale addresses between December 2021 and March 2022 coincided with ADA price dropping from $1.75 to around $0.75.
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