Summary
TLDR: Cardano (ADA) price is attempting to recover losses from the past month, with strong investor conviction and potential for growth. The coin is in a descending wedge pattern, indicating a possible breakout and 24.8% rally to $0.66. However, if the price falls below $0.40 or fails to exceed $0.50, the bullish thesis may be invalidated.
Key Points
1. Cardano (ADA) price is attempting to regain lost profits from the past month during a drawdown.
2. ADA has room for growth as holders’ convictions have strengthened, with an uptick in Mean Coin Age indicating increased hodling behavior.
3. A breakout in ADA’s price is likely, with a potential 24.8% rally to $0.66 if the upper trend line is breached, but a fall below $0.40 could invalidate the bullish thesis.