Cardano chalks a bearish wedge as ADA price soars by over 100% in Q3

The latest rally in the (ADA) market has activated a classic bearish pattern that threatens to lower its prices by as much as 15%.

Dubbed as a rising wedge, the textbook pattern forms when the price consolidates between upward sloping resistance and support trendlines. Its occurrence typically prompts a bearish reversal, confirmed by a voluminous break below the lower trendline.

Cardano 4H price chart featuring a potential rising wedge formation. Source: TradingView
daily relative strength indicator reading is 82.91. Source: TradingView
correlation with altcoins, including Cardano. Source: Crypto Watch