Cardano (ADA) is Forming an Elliot Wave Pattern. Here’s Why it’s Bullish 

Cardano ADA appears to have retained steam despite the mild dip in the total value of cryptocurrencies at this time. A new technical chart pattern suggests that a bullish move is closer than ever, with ADA bulls signaling a strong potential for a continuous upward rally. 

According to data from Cardano tracking platform Taptools, the ADA token is well on its way to hitting a new price point, courtesy of a new signal recently spotted.

According to Taptools’ technical chart data, which displays Cardano (ADA)/Tether (USDT) pairs on Binance, ADA is forming a clean Elliot wave structure within its long-term channel.

The Elliott Wave Theory is a technical analysis pattern used by analysts to make informed price forecasts. Analysts use the technical pattern to identify recurring wave patterns that highlight investors’ psychology and market trends.

The technical pattern is especially bullish as it typically indicates the beginning of a new upward trend preceding a corrective phase, with technical and fundamental factors supporting a potential price surge.

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Per the analyst’s assertion, the signals suggest that the accumulation phase, a time period where market players secure massive ADA tokens to hold long-term, has come to an end.

At report time, Cardano (ADA), like many other leading altcoins, is nursing massive losses. The crypto market has recorded a 1.36% decline in market cap valuation, and leading crypto assets have dipped as a result.

ADA is nursing mild losses, rising to 1.70% over the last 24 hours at press time, indicating a decline in buying pressure, which is further reflected in a dip in trading volume. This decline has only begun to correct upward within the last 24 hours.

The 10th largest crypto by market cap now trades at $0.83.