Cardano Buy Signal Sparks Hope for Rebound
Cardano's recent price dip has some investors wondering if it's time to buy. The altcoin made a new high at $0.258 on August 22nd, but then retreated to a low of $0.189 on August 30th.
Despite the slump in DEX activity, Cardano's overall bullish price bias remains intact. In fact, according to popular crypto analyst Ali Martinez, the TD Sequential indicator has fired a buy signal for Cardano on the daily timeframe.
Martinez notes that this indicator has been accurate three times before, resulting in a sizable price rally each time. Additionally, the swing structure on the daily timeframe is bullish, with new swing highs set over the past two months and higher lows since July.
The $0.20 support zone is being retested, an area that previously served as resistance in July and August. With strong buying pressure indicated by a CMF above +0.05 and sustained demand necessary to keep the uptrend going, investors and swing traders can expect a bullish price reaction in the coming days, targeting $0.238 and potentially extending to $0.258.