Cardano

<p>A popular crypto analyst on X is suggesting that Cardano (ADA) may be nearing a bottoming out phase after a 30% pullback, pointing to potential buying opportunities for the altcoin as it gears up for a rally.</p>
<p>The analyst, known as <a href="https://twitter.com/Av_Sebastian/status/1770338327683568035?t=jqY_u2VpjF4KGzw4DqZ3Og&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Av_Sebastian</a>, stated in a recent tweet: <em>“$ADA had a 30% retrace and is close to bottoming out. RSI hit support line while the price is also in a support range. We could see a bit more downside, if we hit $0.55 I’m buying. If we bounce from here, we are setting a higher low, the next leg up will be epic.”</em></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="906" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-887-1024x906.png" alt="" class="wp-image-456262" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-887-1024x906.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-887-300x265.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-887-768x679.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-887-1536x1359.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-887-2048x1811.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-887-170x150.png 170w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-887-100x88.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-887-396x350.png 396w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-887-788x696.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-887.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>For those unfamiliar, the RSI (Relative Strength Index) is a technical indicator that measures the momentum of recent price changes to evaluate overbought or oversold conditions.</p>
<p>Our further analysis suggests that ADA’s current price is around $0.6, and on the weekly timeframe, it appears to be retesting support levels. A successful weekly close above the key $0.6 support could confirm the return of bullish control.</p>
<p>Another crypto analyst, who goes by the <a href="https://twitter.com/WorldOfCharts1/status/1770384330000322742?t=_rm11TQ7na74xu1GcjdMLA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">name World Of Charts</a>, shared a similar outlook regarding the altcoin market, including Cardano (ADA). According to the analyst’s tweet, the recent correction or pullback period for altcoins (cryptocurrencies other than Bitcoin) appears to be nearing its end.</p>
<div class="wp-block-rehub-colortitlebox rh-colortitlebox" style="text-align:left;border-radius:5px;box-shadow:0 10px 10px #00000007;background-color:#fafafa;color:">
 <div class="rh-colortitle-inbox" style="background-color:var(--rehub-main-color);color:#fbfbfb;border-radius:5px 5px 0 0"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon" style="color:"></i>
  <div class="rh-colortitle-inbox-label">
   Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK? <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f92b.png" alt="🤫" class="wp-smiley" style="height: 1em; max-height: 1em;">
  </div>
 </div>
 <div class="rh-colortitlebox-text">
  <style scoped>.rh-toggler-open{height:auto !important}
.rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important}
.rh-toggler-open .rh-tgl-hide{display:block !important}
.rh-tgl-show, .rh-tgl-hide{cursor:pointer}
.rh-contenttoggler *{box-sizing: border-box !important}
.rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;}
.rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}</style>
  <div class="wp-block-rehub-contenttoggler rh-contenttoggler" data-height="100px">
   <div class="rh-toggler-wrapper" style="height:100px">
    <p>The key? Getting in early, especially during the <strong>ICO phase</strong>. Check out <a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow"><strong>NuggetRush</strong></a> today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. <a href="https://captainaltcoin.com/go/ll_inside/" target="_blank" rel="noopener noreferrer nofollow"><strong>Seize the opportunity</strong></a> with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.</p> <span class="rh-tgl-trigger" style="text-align:center;position:absolute;z-index:2;bottom:0;left:0;width:100%;color:"><span class="rh-tgl-show" style="display:block">Show more +</span><span class="rh-tgl-hide" style="display:none">Show less –</span></span><span class="rh-tgl-grad" style="background-image:linear-gradient(to bottom,rgba(255,255,255,0) 0,#ffffff 100%);display:block;position:absolute;height:100px;bottom:0;left:0;z-index:1;width:100%"></span>
   </div>
  </div>
 </div>
</div>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="580" src="https://captainaltcoin.com/wp-content/uploads/2024/03/image-888-1024x580.png" alt="" class="wp-image-456270" srcset="https://captainaltcoin.com/wp-content/uploads/2024/03/image-888-1024x580.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-888-300x170.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-888-768x435.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-888-1536x870.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-888-2048x1161.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-888-265x150.png 265w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-888-100x57.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-888-618x350.png 618w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-888-788x446.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/03/image-888.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>The analyst observed that the overall market capitalization of altcoins is currently forming a bullish flag pattern on shorter timeframes. A bullish flag pattern is a technical analysis formation that typically signals a continuation of an upward trend after a brief period of consolidation or pullback.</p>
<p>If this bullish flag pattern is confirmed by a successful breakout, it could potentially lead to a relief rally for altcoins soon. A relief rally refers to a sharp upward price movement after a significant decline, as investors feel “relieved” and start buying back in.</p>
<p>You may also be interested in:</p>
<ul>
 <li><a href="https://captainaltcoin.com/polkadot-looks-good-long-term-says-elite-trader-predicts-new-ath-for-dot/" target="_blank" rel="noopener noreferrer nofollow">Polkadot ‘Looks Good’ Long-term Says Elite Trader, Predicts new ATH for DOT</a></li>
 <li><a href="https://captainaltcoin.com/this-indicator-nailed-polygon-matic-price-predictions-since-mid-february-heres-what-it-flashes-now/" target="_blank" rel="noopener noreferrer nofollow">This Indicator Nailed Polygon (MATIC) Price Predictions Since Mid-February: Here’s What It Flashes Now</a></li>
 <li><a href="https://captainaltcoin.com/the-next-big-meme-koala-coin-klc-gains-rapid-popularity-among-shiba-inu-shib-bitcoin-cash-bch-supporters/" target="_blank" rel="noopener noreferrer nofollow">The Next Big Meme: Koala Coin (KLC) Gains Rapid Popularity Among Shiba Inu (SHIB) &amp; Bitcoin Cash (BCH) Supporters</a></li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/Copy-of-P2P-Review-17-qi3pqhl3pi3mlojv8nq0upz5rcb68rblc7kuvhcaou.png" width="500" alt="Check NuggetRush ($NUGX)" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-ll_bottom-target-_blank-rel-noopener-noreferrer-nofollow-span-check-nuggetrush-nugx-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> <span>Check NuggetRush ($NUGX)</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20">
     Sponsored: Invest Responsibly, Do Your Own Research.
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/ll_bottom/" target="_blank" rel="noopener noreferrer nofollow"> Buy NUGX Today </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Being in its <strong>ICO stage</strong>, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>A unique <strong>play-to-earn</strong> gaming platform in the memecoin market <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>The platform combines artisanal and <strong>gold mining</strong> with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Fosters a strong <strong>community </strong>by encouraging physical meetups among members <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i><strong>NFT</strong> Integration with Prominent Characters
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/technical-analyst-reveals-cardano-ada-bottoming-out-points-to-key-buying-price-as-altcoins-correction-nears/" rel="noopener noreferrer nofollow">Technical Analyst Reveals Cardano (ADA) Bottoming Out, Points to Key Buying Price as Altcoins’ Correction Nears”</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Technical Analyst Reveals Cardano (ADA) Bottoming Out, Points to Key Buying Price as Altcoins’ Correction Nears”

Table of Contents

CaptainAltcoin

Other articles published on Mar 20, 2024

The Worst for Bitcoin and Market is Over, Predicted First Movers in the Recovery Phase

Spot Ethereum ETF: SEC Holds Off on VanEck’s Application Decision

XRP Sees 125% Increase in Trading Volume During Market Crash

Opulous (OPUL) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Three Arrows Capital (3AC) co-founder navigates legal battles amid global fallout

Top Analyst Forecasts XRP to Hit $27 Based on Historical Patterns

Join our free newsletter for daily crypto updates!