Cardano shows early signs of halting the downtrend it has been on, since September
ambcrypto.comCardano formed a series of equal lows at the $1.2 support level. Despite multiple tests of this support, the buyers had not crumbled, and in recent days they were actually able to push prices above a lower timeframe, descending triangle pattern.
The price of Cardano has contracted near the $1.2 lows for three weeks now, and it remains to be seen if it has gathered enough steam to rise again. A bullish Bitcoin could reinforce the buying pressure.
Source: ADA/USDT on TradingView
On the 4-hour chart, ADA was moving above the descending trendline that has acted as resistance since November. On shorter timeframes as well, ADA has formed a descending triangle pattern with December’s lower highs and support at the $1.2 level.
The $1.28-$1.32 area (red
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