Cardano price slips into consolidation mode after August 17’s decline. The consolidation is an opportunity in disguise for sidelined buyers as the end
If ADA can rally 6% and flip $0.2836, it could trigger an 18% move to $0.3359.A daily candlestick close below the $0.2392 support level will invalidate the bullish thesis.mode after August 17’s decline. The consolidation is an opportunity in disguise for sidelined buyers as the end of this accumulation phase is likely to result in another upside move to key resistance levels.Cardano price nearing June lows could extend the losses for more than 3.
The price action between January and August 2023 suggests that a triple tap bottom formation is in play. But the breakout is far away, or at least until Cardano price manages to overcome the Exponential Moving Average hurdle zone, which extends from $0.2725 to $0.2810. into a support floor will be key for bulls and a buy signal for sidelined buyers. Successfully overcoming this blockade will open ADA up for an 18% ascent to tag the 200-day Simple Moving Average at $0.3359.
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