Cryptocurrencies have stormed Financial Markets this year, with several of the world’s most powerful institutional investors getting in on the action.
Even though Cardano’s ADA token has been stuck at extreme lows for almost two months, the token dubbed the “Ethereum killer” has risen to a peak of more than 1600 percent this year.
Cardano’s surge came to a halt with the debut of smart contracts in early September. When will the token dubbed the “Ethereum killer” reach new highs?
While the broader crypto market saw huge gains in October, ADA fell by 7%. Cardano is currently down 36.3 percent from its all-time high of $3.09 achieved on September 2, but it is still up 980 percent in 2021.
However, at the end of October, Cardano broke below the support line of its symmetric triangle and began hitting lower lows on the price charts. However, the price has been attempting to rise and bounce north during the last two days. Unfortunately, it hasn’t been able to do so gracefully and has been rangebound solely in the $2 range.
Cardano stands out among its contemporaries in the cryptocurrency space for the length of time it has traded at extreme lows in the Optex Bands. When cryptocurrencies reach the severe oversold levels in the Optex Bands, they almost invariably rebound back and rally.