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03/27/2022

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ADA Might Replicate Ethereum’s 2017 Bull-Run And Here’s How

ADA might replicate Ethereum’s 2017 bull run as it was reacting to the upside in its latest network upgrade. It recently went over $1 to $1.19 but then saw a slight retracement as we saw in the previous Cardano...

ADA Might Replicate Ethereum’s 2017 Bull-Run And Here’s How

ADA might replicate Ethereum’s 2017 bull run as it was reacting to the upside in its latest network upgrade. It recently went over $1 to $1.19 but then saw a slight retracement as we saw in the previous Cardano ADA news.

The pattern that can mean a bullish momentum for the coin could still play out in the near term. The seventh biggest crypto is trading at $1.09 at the time of writing and a retracement from the $1.2 mark made many traders think that a might bearish continuation over the weekend will lead to a bullish rebound. They noted that ADA’s resistance levels are $1.150 and $1.200 while the support levels are set at $1.100 and $1.060.

“ADA has finally snapped the $1 barrier and has tapped the $1.191 top following a four-day parabolic bull run. However, the cryptocurrency has retraced to the $1.100 support area, as bulls ran out of steam near the $1.200 resistance.”

Cardano (ADA) retraced to $1,09 in the daily chart Source ADAUSD on TradingViewcom

One trader even noted that ADA put the 100-day exponential moving average below it:

“As we head into the weekend, I expect a mild bearish continuation towards the $1.050 support. After that, I expect to see a bullish rebound to the $1.200 – $1.250 range.”

The coin’s RSI is pointing to an oversold market that can translate into a pullback or a similar upside trend to the previous upwards movement scenario:

“The last 3 times ADA has hit 70 Stoch RSI and dipped back down on the daily chart – like it is today – it has exploded to the upside in days after.”

Despite the slow retracement, the pattern resemblances to a cycle ETH had back in 2017 can still play out which means a bullish momentum for ADA. Cardano might replicate Ethereum’s 2017 bull run and if the coin sees a bounce, it will happen If BTC breaks the current resistance level and ADA follows Ethereum’s movements. The trader also showed the resemblance was on the lookout to the 1D candle to the $1.2 level but ADA moved upwards to it and didn’t happen because of the mentioned pull back. However, it already looked as if ADA is replicating Etheruem’s bullish breakout from 2017:

“See how the price action that led to this since March 2016 is also quite similar to ADA’s price action since May 2021. Same Channel Down, followed by a Higher High, a near Support test and the start of the Lower Highs. Even the RSI fractals are similar.”

Source ADAUSD on TradingView.com

Another trader thinks that ADA is in a measured move and near its target:

 “There we will have some trading range and possible 2nd leg… Watch closely.”

AD

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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