A crypto analyst has discovered a new technical pattern in the Cardano Price Movementssignaling the potential for a substantial recovery. Echoing this optimism, another analyst stated that Cardano may have hit bottom and may be about to recover to $0.8.
Analyst Declares Cardano Price Floor
In an X (old Twitter) publish On June 29, Captain Faibik, a crypto analyst, shared insights on Cardano Price Action and future prospects. According to the analyst, Cardano’s native token, ADAis forming a falling wedge pattern on the daily 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 usually indicates that a cryptocurrency has bottomed or has ranged in a market and is seen as a bullish indicator.
Sharing a Cardano price chart from September 2023 to August 2024, Faibik predicted that Cardano would be breaking of its price correction soon. The analyst predicted a 72.84% increase from the cryptocurrency’s current price. As a result, Faibik urged Cardano investors to keep an eye on this crucial area.
Sharing a similar sentiment, another crypto analyst identified as ‘Zayk Charts’ on X also revealed the unique falling wedge pattern on the Cardano chart. In its case, it predicts a substantial breakout of between 40% to 50% for Cardano.
Cardano’s recovery potential tied at crucial level
If Cardano breaks out of the falling wedge pattern, it could rally to nearly $0.8. A crypto analyst identified as ‘Crypto Feras revealed a crucial support level that Cardano must maintain to ensure its early high recovery.
On his 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 hold this level, it could experience another sharp decline, potentially pushing its current price to new lows of $0.24.
Since the beginning of the year, the price of Cardano has been on the rise big downward trendrecording steady declines in favorable market conditions and high volatility. While other altcoins such as Solana and Ethereum have risen considerably, Cardano underperformsconsistently maintaining a price below $1.
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At the time of writing, the cryptocurrency is trading at $0.39, seeing a slight daily increase of 3.24% as market conditions stabilize. It is 24 hours volume of business also grew considerably, registering an increase of approximately 24.84%.
As Cardano Chang Rigid Fork approaching, the cryptocurrency may be gearing up for a significant price turnaround. Several analysts are bullish, pointing to the formation of the aforementioned falling wedge pattern as a strong bullish indicator. One analyst predictions that if Cardano breaks this pattern, its price could rise to between $0.46 and $0.81 before the end of the year.
Featured image created with Dall.E, chart from Tradingview.com