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Akash Girimath Akash Girimath

Cardano price has worsened its situation over the past two days and is now trading below a significant level. While recovery is bullish, no doubt, its destination is far away and contains hurdles at every step.
Cardano price action from February 19 to March 23 created a bottom reversal pattern known as Adam and Eve. This technical formation contains a V-shaped valley known as “Adam” followed by a rounded bottom referred to as “Eve”. 
A breakout from this pattern indicates a trend change favoring the bulls and forecasts a 25% upswing to $1.26. This target is determined by adding the valley’s depth to the breakout point at $1.
Despite an excellent breakout from the $1 psychological level on March 23, Cardano price failed to tag the forecasted target at $1.26 since it fell short of momentum. Additionally, ADA reversed the trend, retracing to the 2022 volume point of control at $1.05.
Due to the massive volume traded at $1.05, it served as a support for some time, but ADA eventually broke below this and is currently trying to overcome it.
A successful recovery above $1.05 could trigger a run-up to its destination at $1.26. During its second attempt, ADA might try to invalidate the bearish breaker that extends from $1.22 to $1.35 by pushing through it and producing a decisive close above $1.35. However, if the so-called Ethereum-killer can clear the said hurdle, it would open the path for Cardano price to retest the $1.60 hurdle.
ADA/USDT 1-day chart
ADA/USDT 1-day chart
A daily candlestick close below $1 will produce a lower low and invalidates the Adam and Eve pattern. In such a case, Cardano price could see drowning to 0.85, which is the last life of defense for the smart contract token. 

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