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- Cardano price dropped nearly 23% during the Thursday trading session.<\/strong><\/li>\n
- Massive incoming volume shows the bottom is likely in for ADA.<\/strong><\/li>\n
- Multiple time cycles complement price action for a new uptrend for Cardano.<\/strong><\/li>\n<\/ul>\n
Cardano price<\/a> action has been some of the most bearish in its history. In fact, The nine-month stretch from September 2021 to May 2022 is arguably the most devastating price action Cardano has ever experienced. However, a low may have been found, and a resumption of the bull market is likely to occur soon.<\/p>\n
Cardano price recovers nearly all of its daily losses during the late NY session<\/h2>\n
Cardano price i<\/a>s on track to retrace almost the entirety of its nearly 23% wipeout for the day. The daily volume (not shown) is thus far the third-highest volume traded day of 2022 and the third-highest since the all-time high made in September 2021. Volume has been steadily increasing on a daily average since the middle of April 2022 \u2013 and if volume does precede price, then ADA is ready to bounce and bounce hard.<\/p>\n
New fifteen-month lows were hit for Cardano price, pushing ADA into the $0.30 value area for the first time since February 2021. Support was found primary at $0.40, where the 88.6% Fibonacci retracement and just above a high volume node in the 2021 Volume Profile.<\/p>\n
![](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/image-637879743706952940.png\")
<\/a><\/p>\nADA\/USD Daily Ichimoku Kinko Hyo Chart with Gann’s Square of a Range<\/small><\/p>\n
From a time cycle perspective, there are multiple reasons that Cardano price<\/a> will reverse and begin a new and extended uptrend.<\/p>\n
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- Kumo Twist on May 13th<\/sup>.<\/li>\n
- 50% range of the current Gann Square of a Range<\/li>\n
- 240-day Ganny Cycle of the Inner Year (tends to be a low if the market is in an uptrend)<\/li>\n
- 49 \u2013 52 day Gann \u2018death cycle\u2019 (often terminates blow-off moves – like what ADA has experienced this week).<\/li>\n<\/ol>\n
The initial resistance zone that Cardano price will like face is the 50% Fibonacci retracement at the critical $1.00 value area. The $1 price level will likely determine the direction of Cardano<\/a> price for the remainder of 2022.<\/p>\n
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- Massive incoming volume shows the bottom is likely in for ADA.<\/strong><\/li>\n