Cardano price drops to level that sparked a 65% ADA rally in March — will history repeat?

cointelegraph.com:

Cardano (ADA) price has been rebounding after falling to the worst levels since February 2021. Meanwhile, a technical fractal suggests that ADA's upside retracement could continue in the coming weeks.

ADA's price has started bouncing after testing the same support area that preceded a 65% bull run in March 2022. 

Specifically, ADA/USD witnessed a bullish rejection as its price fell below $0.75 on Feb. 24, a move that followed a short period of sideways consolidation.

It later broke out of the flat price range, rising to $1.24 on March 26, indicating a strong buying sentiment near the area around the $0.75-level (the red bar in the chart below).

The March 2022 fractal also showed ADA's three-day relative strength index (RSI) treading near its oversold threshold of 30. The momentum indicator has returned to near the same level as ADA consolidates inside the flat range.

As a result of this fractal, Cardano eyes a sharp rebound from $0.75 in May 2022, with its interim upside target around $1, a level that coincides with the upper trendline of ADA's prevailing descending channel pattern.

Conversely, a break below the $0.75-level, accompanied by an increase in volume, could have ADA test the descending channel's lower trendline as its next downside target (near $0.55).

Cardano can also undergo a sharp rebound because of strong accumulation sentiment.

Notably, Cardano's richest investors, or "whales" that hold between 1 million ADA and 10 million ADA — have added 196 million ADA (worth $147 million at today's price) to their addresses in the past five weeks, on-chain data from Santiment shows.

The accumulation sentiment grows as ADA trades near its 15-month lows, suggesting that investors have been buying the dip in anticipation of a