Despite a falling wedge pattern, Cardano is showing signs of a potential double bottom reversal. The daily chart indicates that Cardano has found support at $0.312 and has seen a slight increase in price over the weekend. However, the price has been rejected at the 20-day EMA. The daily RSI shows a bullish divergence, suggesting a potential reversal. Cardano's daily active addresses have also seen a significant increase, which historically has led to a surge in price. In the 4-hour chart, Cardano's price has recovered and is challenging the 38.20% Fibonacci level at $0.346. It has surpassed the 20 EMA and the 50 EMA but is facing resistance from the 200-day EMA. The uptick in the 20-day EMA and the positive trend indicated by the DMI indicator suggest a bullish momentum. If the uptrend continues, Cardano could reach the 61.80% Fibonacci level at $0.366 or even the 100% Fibonacci level at $0.399. The 1-day chart indicates the upside potential could extend to $0.422.



Other News from Today