A crypto analyst has discovered a new technical pattern in the Cardano price movements, indicating the possibility of a substantial recovery. Echoing this optimism, another analyst has confirmed it Cardano may have hit rock bottom and could be on the verge of a recovery to $0.8.
Analyst explains Cardano’s price floor
In an X (formerly Twitter) after on June 29, Captain Faibik, a crypto analyst, shared insights on Cardano’s price action and future prospects. According to the analyst, Cardano’s native token is, ADAforms a falling wedge pattern on the daily timeframe chart.
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a falling wedge pattern is a unique technical formation that signals the end of a consolidation phase and the beginning of a potential reversal or continuation pattern. This falling wedge formation often indicates that a cryptocurrency has bottomed or is low in a market, and is seen as a bullish indicator.
Faibik shared a price chart of Cardano from September 2023 to August 2024 and predicted that Cardano break out soon of the price correction. The analyst has projected an increase of 72.84% compared to the current price of the cryptocurrency. As a result, Faibik has urged Cardano investors to keep an eye on this crucial area.
Another crypto analyst, identified as ‘Zayk Charts’ on X, shares a similar sentiment revealed the unique falling wedge pattern on the map of Cardano. In his case, he foresees a substantial breakout between 40% and 50% for Cardano.
Cardano rebound potential tied to crucial level
If Cardano breaks out of the falling wedge pattern, its price could rise to almost $0.8. A crypto analyst identified as ‘Crypto Feras has revealed a crucial level of support that Cardano must maintain to secure its support expected bullish rebound.
In its price chart, Crypto Feras highlighted Cardano’s latest price action, marking the critical support level at $0.4251 with a yellow box. The analyst warned that if Cardano fails to maintain this level, the company could see another sharp decline, potentially pushing the current price to a new low of $0.24.
Since the beginning of the year, the price of Cardano has been at a level major downward trend, with constant declines in both favorable market conditions and high volatility. While other altcoins like Solana and Ethereum have risen significantly, Cardano is underperformingwith the price consistently maintained below $1.
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At the time of writing, the cryptocurrency is trading at $0.39 and experiencing a slight daily increase of 3.24% as market conditions stabilize. It’s 24 hours a day trading volume has also increased significantly, with an increase of approximately 24.84%.
With the Cardano Chang hard fork is approaching, the cryptocurrency could be preparing for a significant price turnaround. Numerous analysts are bullish and point to the formation of the aforementioned falling wedge pattern as a strong bullish indicator. One analyst predicts that if Cardano breaks this pattern, the price could rise to $0.46 to $0.81 before the end of the year.
Featured image created with Dall.E, chart from Tradingview.com
