The September month is yet again proving itself to be most disastrous as the crypto space keeps on trembling with a notable margin. Bitcoin price, as a result of this uncertainty, revisited below $40,000 and is unable to recover to its previous positions. And hence other altcoins like ADA price is also experiencing the same despite the success of the Cardano Summit.
The ADA price remained low-key, moreover, it plunged down nearly 15% after the summit from $2.45 to $2.09 at the press time. However, the price is likely to surge yet one of the reasons behind the reverse impact of the summit could be the bearish September. Despite the bearish trend, the ADA price could break all the barriers to hit $2.5 on an immediate basis.
Currently, after a slight roller coaster ride, the price has formed a ‘W-shaped’ pattern in the hourly chart. And interestingly, testing the neckline of the pattern that can be cleared successfully in a coming couple of bullish trading hours. Once done the next target to achieve would be the resistance levels at $2.5. Else the price could still reach the target but after a small consolidation as mentioned above.
Collectively, the Cardano summit is considered a successful event as it came up with new partnerships and announcements. However, ADA price remained unaffected which is of course another story. Yet the hopes are yet alive as the fresh trading day began with a reversal from the downtrend. And hence the flip could eventually lead the price to its immediate highs very soon.