Cardano (ADA) looks set to double bottom near its support level before climbing back to the highs it reached a few months ago, according to the latest technical analysis by prominent crypto trading analyst Michaël van de Poppe.
The double bottom pattern will appear when two valleys or “bottoms” have developed after a long decline, indicating that the selling pressure might end, and a reversal is likely to begin.
When looking at the ADA/BTC chart, the price of ADA is roughly 0.00003828 BTC (or 3,828 satoshis). However, Poppe predicts that the coin will rise beyond the 0.00003785 BTC mark before reverting to its former highs.
Evidently, the last time ADA hit a clear double bottom, it climbed to around the 6,000 sats zone; notably, Poppe states that he is more interested in the price reaching the 3,000 sats zone for an entry point.
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