Cardano (ADA) Price Could be 'Bottoming Out” – Here's What's Next

ADA price today is down 0.2% in the last 24 hours and trades at $0.3476. This bearish outlook for Cardano is not localized and can be seen across the board.

Cardano (ADA) price today appears to be forming a long-term bottom after hitting a two-year low, according to an early Bitcoin trader. However, he noted that he is not interested in the asset yet as there is no “buy signal.”

After hitting a record low of $0.29 in December 2023, Cardano price has since recovered by over 18%, showing signs of a potential bottom. This aligns with the recent analysis by a pseudonymous cryptocurrency analyst, who highlighted a possible "accumulation" pattern in ADA's long-term price chart.

After a 90% decline from its ATH, is ADA bottoming out?

After hitting a two-year low, analyst Sam Mti noted that ADA could be bottoming out on the weekly. However, the early Bitcoin trader said he's not interested in the asset yet as there is no “buy signal.”

Considering that ADA is down 90% from its ATH, the chances that a bottom could be forming is higher. However, a breakout rally might occur soon.

After hitting the bottom, Cardano price seems to be consolidating, which is a classic sign of accumulation. Chainlink (right) underwent an accumulation for about 1 year before finally breaking out to the upside.

After hitting a record low of $0.29 in December 2023, ADA price has since recovered by over 18%, showing signs of a potential bottom. This aligns with the recent analysis by a pseudonymous cryptocurrency analyst, who highlighted a possible "accumulation" pattern in ADA's long-term price chart.

After a seven-month consolidation, Bitcoin finally broke out to the upside on March 10. However, this breakout appears to be putting pressure on altcoins like Cardano (ADA).

After a strong start to 2024, ADA price has struggled to keep up with BTC's breakout rally. This is largely due to investors rotating capital into Bitcoin as it approaches key levels, hinting at a breakout from its seven-month consolidation. As a result, top altcoins tend to slide lower as investors allocate capital into BTC, a less risky bet than alternative cryptocurrencies.

After a Wyckoff accumulation phase, Cardano price could rally over 40%.

Cardano price is in a Wyckoff accumulation phase, which typically precedes a bullish move. The price has been moving horizontally, oscillating between a demand zone around $0.30 and a supply zone near $0.40.

This kind of price action indicates accumulation, where smart money is quietly buying up tokens before a potential bullish breakout.

After a bearish outlook for Cardano, capital is rotating into Bitcoin.

ADA price today is down 0.2% in the last 24 hours and trades at $0.3476. This bearish outlook for Cardano is not localized and can be seen across the board. This can be attributed to capital rotation into Bitcoin as it approaches key levels and hints at a breakout form its seven-month consolidation. As a result, top altcoins tend to slide lower as investors allocate capital into BTC, a less risky bet than alternative cryptocurrencies.

After a downtrend since its all-time high, Cardano hints at a bottom.

Except for the brief rally in early 2024, Cardano has been on a downtrend since its all-time high (ATH) of $3.1 in August 2021. ADA currently trades at $0.347, a level that was last seen two years ago. However, market analysts are suggesting that Cardano price could be forming a long-term bottom, hinting at a potential reversal and the start of a bull rally. However, investors should remain cautious as Bitcoin faces a tough resistance level of around $67,000 and could disrupt altcoin moves.

After hitting a record low of $0.29 in December 2023, Cardano price has since recovered by over 18%, showing signs of a potential bottom. This aligns with the recent analysis by a pseudonymous cryptocurrency analyst, who highlighted a possible "accumulation" pattern in ADA's long-term price chart.

After a seven-month consolidation, Bitcoin finally broke out to the upside on March 10. However, this breakout appears to be putting pressure on altcoins like Cardano (ADA).

After a strong start to 2024, ADA price has struggled to keep up with BTC's breakout rally. This is largely due to investors rotating capital into Bitcoin as it approaches key levels, hinting at a breakout from its seven-month consolidation. As a result, top altcoins tend to slide lower as investors allocate capital into BTC, a less risky bet than alternative cryptocurrencies.

After a Wyckoff accumulation phase, Cardano price could rally over 40%.

Cardano price is in a Wyckoff accumulation phase, which typically precedes a bullish move.

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