Cardano: is the Ethereum hunter starting the attack again?

The crypto market has been in a correction phase for a few weeks after the strong summer rally. It is particularly extensive with over 50 percent at Cardano. At the same time, the associated cryptocurrency ADA is one of the top performers in 2021. Investors are now wondering whether the time has come for an interesting entry point.

In early September, ADA hit an all-time high of $ 3.10. The subsequent correction continues to this day and the price discount to the record level is now over 56 percent. ADA is now trading in the range from the spring, which ranges between $ 1.00 and $ 1.50.

In December, the bears tested the $ 1.20 mark multiple times. So far, the level has held and now acts as a support for the bulls. In the current trading week, ADA has increased by around 13 percent and is now targeting the next resistance at $ 1.41. As soon as this mark is cracked, the bulls will receive further tailwind from the fresh buy signal.

The ADA chart is badly hit and is in a short-term downtrend. At the same time, despite the extensive correction, ADA is one of the top performers par excellence with an annual performance of over 685 percent and the long-term upward trend is still intact. The chances are good that ADA can stabilize in the current price range over the next few weeks. Brave investors could use the buy signal to enter the breakout above $ 1.41.

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