- Cardano’s ADA presses against key resistance.
- The ADA price chart is forming an ascending triangle on the daily chart.
- How high can the price of ADA go this altseason?
The crypto market is experiencing a market flush, and analysts debate whether this is a short market correction or if it will turn into a long market correction, as was predicted for the month of September. Despite falling prices, analysts remain bullish for altseason price pumps to arrive. At the moment, popular altcoins are showing strong bullish signs like Cardano’s ADA presses against key resistance, forming an ascending triangle on the daily chart.
Cardano’s ADA Presses Against Key Resistance
The current market flush is leading analysts to believe that the September market correction is underway. This could mean that the price of BTC could dip below the $100,000 price range and fall as low as $90,000 to close the CME Gap in the $90,000 to $95,000 price range. Once this CME Gap is closed, the price of the pioneer crypto asset should experience a steady rally to reclaim higher ATH prices.
Once the correction completes and a rally takes place, analysts expect the price of BTC to go on to hit a new ATH price in the $140,000 to $145,000 price range. At the same time, the price of Ethereum (ETH), the pioneer altcoin asset, is expected to recover alongside BTC and reenter its price discovery stage, allowing all altcoins to move towards claiming new ATH prices of their own.
As we can see from the post above, Lark Davis, a reputed crypto trader in the space, sees a nice market flush for many crypto assets today and goes on to highlight Ethereum (ETH) in particular. He says that ETH has come back down for a clean retest of the previous low of mid-August and bounced.
If bulls can close ETH above the orange line as shown in the image accompanying the post, or preferably above the blue line (50-day EMA), then longs can survive. If not, more liquidations will take place, pushing prices even lower and triggering another fall in prices.
Crypto Market Experiences a Nice Flush
Meanwhile, several altcoins are showing promising signals, indicating that a glorious altseason pump is coming right ahead. One such asset is Cardano’s native altcoin asset and cryptocurrency, ADA. As we can see from the post above, the price of ADA is pressing against key resistance, forming an ascending triangle on the daily chart. A breakout above $0.95 could open the path toward $1.20.
