Will Cardano (ADA) Survive the Bear Run in September for a Bullish Restart?

Amid the broader market correction, with the Bitcoin price crashing under the $54,000 mark, the altcoins, including Cardano, take another bearish hit.

As the broader market corrects, with Bitcoin crashing below the $54,000 mark, the altcoins, including Cardano, take another bearish hit. As BTC price crumbled 3.77%, any bearish continuation may further knock it down.

Amid the downfall, the crypto market stands at $1.908T, and the 24-hour liquidations surge to almost $100 million. Will Cardano Survive The Bear Run In September For A Bullish Restart?

Intense Bearish Influence Over Cardano’s Channel

Observing the daily chart, the Cardano price showcases a falling channel pattern in motion. The declining trend from the 52-week high of 0.810 marks a price drop of 59.72% to the current market price of $0.325.

However, the Cardano price has recently found solid support at $0.32, teasing a double-bottom reversal. In the falling channel pattern, the resistance trendline provides four bear cycles, and the support trendline, with a similar intensity, has led to multiple bull cycles.

Moreover, the double bottom pattern finds the support of bullish divergence in the daily RSI line. From the previous bottom formation at 26.20 in the oversold zone, the RSI is currently maintained at 39.19, revealing a massive divergence of almost 13 units.

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