Cardano (ADA) is working on a long term bullish reversal pattern. September 2024 will be characterized by a continuation of the work on the bullish reversal. No breakout is expected in September 2024; ADA should also not break down.
RELATED – Cardano (ADA) price prediction 2024 & 2025
We do not expect any cryptocurrency to be strongly bullish in September 2024. We might see short-lived bullish momentum, emphasis on the word ‘short-lived.’
As explained in our crypto market 2025 outlook, published on Aug 29th, 2024, September 2024 will be all about working on long term bullish patterns and respecting key support levels.
Cardano – an active community
As a general sentiment indicator, we often turn to X to understand what the community thinks and feels.
NOTE – be careful with feelings, they are the single biggest enemy of investors. That’s because they creative bias. So, we always take a step back when analyzing sentiment; it’s meant to understand extreme positive (bearish) or extreme negative (potentially bullish) sentiment which provides a data points in the form of ‘anecdotal evidence‘.
The Cardano community remains very active.
What bothers us tremendously are the ‘think yourself rich’ type statements. The more of them, the more pessimistic we become.
Luckily, this effect is contained with ADA. One of the few posts we have found that are just ‘over the top’ is this one. Needless to say, there is no way that ADA will reach $10 in the near future, it’s impossible.
This is how a move to $10 could look for $ADA. pic.twitter.com/eK9eaZczvd
— @Av_Sebastian August 25, 2024
Cardano price chart – short to medium term
The short to medium term price chart of Cardano (ADA) is characterized by a W-pattern.
This pattern is bullish provided key support is respected!
What makes this chart so beautiful is the clear reversal structure – as seen on below chart is started with a breakdown in April/May 2022 at $0.84. This level was re-tested in 2024. The W-pattern below $0.84 is pretty clear.
ADA must continue working on this W-pattern, it must avoid breaking below its 2023 lows at $0.24. We expect a narrow trading range in September 2024: $0.28 to $0.44.
Cardano price chart – medium to long term
Longer term, ADA should be respecting its potentially bullish triangle.
Invalidation – a price drop below $0.21.
As long as the lows at $0.21 are respected, ADA has a bullish edge.
Fireworks will start once the long term falling trendline is cleared to the upside. The real bullish effect will kick in once $0.84 is cleared in a bullish momentum window.
Cardano (ADA) in September 2024
The key take-aways for ADA in September 2024:
- No bullish momentum expected.
- Key support must be respected.
- Continuation of the bullish W-reversal.
- Continuation of the potential long term bullish triangle.
We believe that ADA might turn higher in a few months but only in case the bullish patterns continue to improve!
