Cardano (ADA) price has been creating a bullish triple bottom pattern since the beginning of July.

This pattern is created inside the $0.24 horizontal support zone, which has existed since the beginning of the year.  Will the price react positively to this bullish pattern?

Cardano creates a bullish model

Daily chart analysis shows that ada price has been falling since reaching a yearly high of $0.46 in April.  This drop reached a low of $0.22 on June 10.

After this price drop, Cardano price recovered again.  It formed a long wick below (black symbol) and confirmed the $0.24 level as support.

After that, ADA revisited the $0.24 support zone twice, on August 17 and September 11 (green symbol).  This creates a triple bottom pattern, which is often considered bullish.

Despite this bullish pattern, ADA is yet to make any upward movement.



ADA/USDT Daily Chart |  Source: TradingView

The daily relative strength index (RSI) shows an uptrend.

Traders use the RSI as a momentum indicator to evaluate whether the market is overbought or oversold, helping them decide whether to buy or sell an asset.

An RSI above 50 and sloping up shows an advantage for the bulls, while a reading below 50 shows that the bears have the upper hand.

Notably, the RSI has shown a significant bullish divergence (green line) during the formation of the triple bottom pattern.

This divergence occurs when bearish momentum is not supported by momentum, often signaling a trend reversal to the upside.########$ADA