Cardano price recently formed some interesting patterns on the chart, hinting at a reversal. This technical formation contains a sharp valley followed by a rounded bottom, both trapped below a horizontal resistance barrier.
This technical formation predicts a 10% upside, determined by adding the distance between the highest peak and lowest valley to the breakout point at $0.864.
Doing so reveals a target of upto $0.938. While theoretically, this target makes sense, investors need to look forward to finding a better place where buyers could form a local top.
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The $0.983 is one such level since Cardano price formed multiple local tops around this barrier since 26 Feb. Hence, investors can expect Cardano's price to retest the $1 level in the upcoming days.
Surprisingly, if ADA's price fails to hold above $0.847, it will create a lower low and invalidate the bullish trend. Due to this, Cardano's price may be crash lower to find stable support.
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