Cardano (ADA) Shows Signs of Bullish Reversal
- Trader Sssebi recently asked on social media, “Does anyone else see what I see on the $ADA chart?” — pointing out what looks like a textbook inverse head-and-shoulders pattern on the 1-hour Cardano chart. This pattern often hints at a trend reversal after a sustained decline.
- Right now, ADA is trading around $0.644 on Binance. The pattern’s left shoulder sits near $0.63, the head bottomed out close to $0.60, and the right shoulder is pushing back toward the neckline at $0.645. Trading volume has picked up slightly, suggesting buyers are starting to step in. The RSI has also climbed out of oversold territory and is now above 50 — another positive sign.
- If ADA breaks above the neckline with conviction, the next targets could be somewhere between $0.67 and $0.70, which lines up with resistance levels from mid-October. That said, things could still go south — if ADA can’t hold above $0.64 or drops below $0.62, the pattern breaks down and selling pressure could return.
- Looking at the bigger picture, this potential reversal comes as the crypto market stabilizes after weeks of choppiness. Cardano’s fundamentals remain solid — wallet growth continues, DeFi activity is expanding, and developers are still actively building on the network.
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