As the market continued to remain somewhat bearish, Cardano [ADA] was one of the worst hit among the top altcoins.
was one of the worst hit among the top altcoins. But investors should remain patient, as ADA was consolidating inside a multi-month pattern.InToTheBlock’s data revealed that over the last seven days, the number of ADA bulls and bears remained more or less the same. That being said, the number of bears was slightly higher.
At the time of writing, the consolidation range became tighter as the token was trying to break out. In case of a breakout, then investors might soon witness Cardano’s price jumping above $0.5.earlier that ADA was mimicking a pattern that it followed back in 2020. This suggested a potential surge starting in mid-November, coinciding with the U.S. elections.
Both of these metrics, when they decline along with an asset’s price, indicate that the chances of a bullish trend reversal are high.
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