Market corrections are an important part of any financial market, but patience runs extremely thin in the cryptocurrency space. While major assets such as Bitcoin, Ethereum, and Solana registered strong declines over the past week, for Cardano, it has been a regular affair since the beginning of September.
Most altcoins enjoyed a lucrative period in October, but Cardano barely managed a recovery above $2.30. Now, Cardano might be approaching its final turn and anything other than a trend reversal may mean trouble for the 6th largest digital asset.
Source: Trading View
In order to understand the importance of its present consolidation range, we need to analyze the previous two rallies for Cardano. The first significant rally that took Cardano
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