Triple Bottom

Cardano (ADA) may rally by nearly 30% in the coming days as it forms a classic bullish reversal pattern. Sharp ADA rebound underway Dubbed “triple bottom,” the pattern typically occurs at the end of a downtrend and consists of three consecutive lows printed roughly atop the same level. This means triple bottoms indicate sellers’ inability to break below a specific support level on three back-to-back attempts, which ultimately paves the way for buyers to take over. In a perfect scenario, the return of buyers to the market allows the instrument to retrace sharply toward a higher level, called the “neckline,” that connects the highs of the previous two rebounds. The move follows up with another breakout, this time taking the price higher by as much as the distance between the pattern’s bottom...