The model, which combines several data points into a single risk assessment, currently evaluates Cardano (ADA) at 31. This is amazingly similar to the previous minimums of the market that preceded significant upsurges, the cryptoanalyst Dan Gambarello believes.
Look at the green line. We have our own data. This is a set of many data, but it takes into account the risk indicator. Now about 31 … if you look at this when we reached the bottom here … We saw that the ADA indicator was about 35, and this was a kind of bottom forming on the right shoulder, – wrote Gambarello.
The current rating 31 was also observed during the formation of the right shoulder at the end of 2023, right in front of a strong upward movement.
Analyzing the weekly schedule of Cardano, the cryptoanalyst said that it resembles the “head and shoulders” pattern, which is a classic technical signal about the achievement of the market bottom. The current consolidation pattern has a striking resemblance to the past patterns of the bottom of the bottom in front of the main bull trends.
Cardano is currently testing an important level of $ 0.60 mark, which was once a resistance level. Technical analysis shows that if the price breaks the line of the descending trend, which limited the price movement since the beginning of 2024, this can confirm the bull pattern. If it ends, the price of the asset can reach $ 1.51.
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Source: Cryptocurrency
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