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Cardano: ADA price eyes 30% rally with a potential 'triple bottom' setup
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Cardano (ADA) may rally by nearly 30% in the coming days as it hints at forming a classic bullish reversal pattern.
Dubbed "triple bottom," the pattern typically occurs at the end of a downtrend and consists of three consecutive lows printed roughly atop the same level. Meaning, triple bottoms indicate sellers' inability to break below a specific support level on three back-to-back attempts, which ultimately paves the way for buyers to take over.
In a perfect scenario, the return of buyers to the market allows the instrument to retrace sharply towards a higher level, called "neckline," that connects the highs of the previous two rebounds. The move follows up with another breakout, this time taking the price higher by as much as the distance
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