Analysts Says Cardano Has Bottomed And Will Rally To $0.8, But It Must Hold This Level

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,174,444,828,533	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,174,444,828,533

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-2,005.08	-3.23%	60,021.81	60,021.81	60,021.82

Price Change

Price Change %

Current Price

Bid Price

Offer

-2,005.08

-3.23%

60,021.81

60,021.82

High Price	Low Price	Open Price	Prev. Close	52 Week Range
62,197.01	59,332.76	62,056.99	62,026.89	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

62,197.01

59,332.76

62,056.99

62,026.89

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:36:49	0.000171	60,021.43	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:36:49

0.000171

60,021.43

USD

Price x Volume	Volume	Base Symbol	Related Pairs
884,869,647.88	14,651.93	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

884,869,647.88

14,651.93

Analysts Says Cardano Has Bottomed And Will Rally To $0.8, But It Must Hold This Level

01/07/2024 9:00pm

NEWSBTC

A crypto analyst has uncovered a new technical pattern in the Cardano price movements, signaling the potential for a substantial rebound. Echoing this optimism, another analyst has affirmed that Cardano may have hit its bottom and could be on the verge of rebounding to $0.8. Analyst Declares Cardano’s Price Bottom In an X (formerly Twitter) post on June 29, Captain Faibik, a crypto analyst, shared insights on Cardano’s price action and future outlook. According to the analyst, Cardano’s native token, ADA, is forming a falling wedge pattern on the daily time frame chart. Related Reading: XRP Dominance: Pundit Says Missing This Altcoin Could Be A Big Mistake 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 hit its bottom or swing low in a market, and is seen as a bullish indicator. Sharing a price chart of Cardano from September 2023 to August 2024, Faibik predicted that Cardano would be breaking out of its price correction soon. The analyst has foreseen a 72.84% surge from the cryptocurrency’s current price. As a result, Faibik has urged Cardano investors to keep an eye on this crucial area. Sharing a similar sentiment, another crypto analyst identified as ‘Zayk Charts’ on X has also unveiled the unique falling wedge pattern on Cardano’s chart. In his case, he foresees a substantial breakout between 40% to 50% for Cardano. Cardano Rebound Potential Tied To Crucial Level If Cardano breaks out of the falling wedge pattern, it could surge to nearly $0.8. A crypto analyst identified as ‘Crypto Feras has revealed a crucial support level that Cardano must maintain to secure its anticipated bullish rebound. In his price chart, Crypto Feras highlighted Cardano’s latest price actions, marking the critical support level at $0.4251 with a yellow box. The analyst warned that if Cardano fails to hold this level, it could experience another sharp decline, potentially pushing its current price to new lows at $0.24. Since the beginning of the year, the price of Cardano has been on a major downward trend, experiencing constant declines in both favorable market conditions and high volatility. While other altcoins like Solana and Ethereum have surged considerably, Cardano underperforms, consistently maintaining a price below $1. Related Reading: Bitcoin Remains Bullish As New BTC Addresses Surge To New 2-Month Highs As of writing, the cryptocurrency is trading at $0.39, experiencing a slight daily uptick of 3.24% as market conditions stabilize. Its 24-hour trading volume has also surged considerably, recording an increase of approximately 24.84%. With the Cardano Chang hard fork approaching, the cryptocurrency could be gearing up for a significant price turnaround.Numerous analysts are optimistic, pointing to the formation of the aforementioned falling wedge pattern as a strong bullish indicator. One analyst predicts that if Cardano breaks this pattern, its price could surge to between $0.46 to $0.81 before the year ends. Featured image created with Dall.E, chart from Tradingview.com

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