A popular crypto analyst on X is suggesting that Cardano (ADA) may be nearing a bottoming out phase after a 30% pullback, pointing to potential buying opportunities for the altcoin as it gears up for a rally.

The analyst, known as Av_Sebastian, stated in a recent tweet: “$ADA had a 30% retrace and is close to bottoming out. RSI hit support line while the price is also in a support range. We could see a bit more downside, if we hit $0.55 I’m buying. If we bounce from here, we are setting a higher low, the next leg up will be epic.”

For those unfamiliar, the RSI (Relative Strength Index) is a technical indicator that measures the momentum of recent price changes to evaluate overbought or oversold conditions.

Our further analysis suggests that ADA’s current price is around $0.6, and on the weekly timeframe, it appears to be retesting support levels. A successful weekly close above the key $0.6 support could confirm the return of bullish control.

Another crypto analyst, who goes by the name World Of Charts, shared a similar outlook regarding the altcoin market, including Cardano (ADA). According to the analyst’s tweet, the recent correction or pullback period for altcoins (cryptocurrencies other than Bitcoin) appears to be nearing its end.

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The analyst observed that the overall market capitalization of altcoins is currently forming a bullish flag pattern on shorter timeframes. A bullish flag pattern is a technical analysis formation that typically signals a continuation of an upward trend after a brief period of consolidation or pullback.

If this bullish flag pattern is confirmed by a successful breakout, it could potentially lead to a relief rally for altcoins soon. A relief rally refers to a sharp upward price movement after a significant decline, as investors feel “relieved” and start buying back in.

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The post Technical Analyst Reveals Cardano (ADA) Bottoming Out, Points to Key Buying Price as Altcoins’ Correction Nears” appeared first on CaptainAltcoin.