I think Cardano is in a good price zone for accumulating.
There could still be another sell-off (similar to Bitcoin), but I believe the worst is already behind us and that we are currently in a bottom-formation phase.
I think that Bitcoin — and many altcoins as well — are close to a bottom.
Has the bottom already been reached? That seems rather unlikely, since in the past we have always seen a bearish RSI divergence on the USDT chart before the actual Bitcoin bottom was formed.
If we hold the weekly support on BTC (grey box), I expect further upside followed by an A-B-C correction before the move continues (green line). If we don’t hold the support, I expect an immediate A-B-C correction down to the lower support zone before seeing further upside.
XRP looks super bullish! The weekly volume is gradually decreasing as we correct. On the daily chart, XRP is forming a head and shoulders pattern with a breakout and retest. We also see a falling wedge on the 4-hour chart and we are above a weekly support zone.