Cardano price dives 2.78% to $0.37 during the U.S. trading session on Monday. This bearish turnaround followed the Bitcoin dip to $63500 as most major altcoins are recuperating from their strength after last week’s rally. Will the renewed recovery momentum push ADA price toward $1, or are sellers preparing for a major correction?
Cardano Price Rebounds Amid Reversal Pattern and Whale Buying
The Cardano price has remained an underperforming asset so far in 2024, registering a year-to-end (YTD) loss of 37% to trade at $0.37. The daily chart analysis shows a falling channel pattern, characterized by two downsloping trendlines driving the current downtrend in ADA price.
However, as no trend remains the same in an established coin, the chart pattern offers an opportunity for reversal if the price breaks above the overhead trendline. Amid the recent market rally, the Cardano price surged above the 20-day Exponential moving average, signaling the initial shift in market sentiment.
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