Analysts Say Cardano Has Fallen And Will Rise To $0.8, But Should Hold This Level.

A crypto analyst has discovered a new technical pattern in Cardano price movement, which shows the potential for large multiples. Echoing this hope, another analyst confirmed that Cardano is likely to hit the bottom and may be close to rising to $0.8.

Analyst Declares Cardano Price Down

At X (formerly Twitter) posted on June 29, Captain Faibik, a crypto analyst, shared the details Cardano price action and a vision for the future. According to the analyst, Cardano’s native token, The ADAform a falling wedge pattern on the daily time chart.

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A a falling wedge pattern a unique technical formation that indicates the end of a consolidation phase and the beginning of a potential reversal or continuation pattern. This falling wedge formation usually indicates that the cryptocurrency has hit a bottom or bottom in the market, and is seen as a bullish indicator.

Share the Cardano price chart from September 2023 to August 2024, Faibik predicted that Cardano will breaking out for its price adjustment soon. The analyst has foreseen a 72.84% increase from the current price of the cryptocurrency. As a result, Faibik urged Cardano investors to look at this important area.

Sharing the same sentiment, another crypto analyst identified as ‘Zayk Charts’ on X also has revealed unique wedge pattern on Cardano’s chart. In his case, he foresees a big explosion between 40% to 50% of Cardano.

Cardano Rebound Potential Is Bound at a Significant Level

If Cardano breaks out of the falling wedge pattern, it could rise to around $0.8. A crypto analyst identified as ‘Crypto Feras has it was revealed an important level of support Cardano must maintain in order to be secure a bullish rebound is expected.

In his price chart, Crypto Feras highlighted Cardano’s recent price actions, marking an important support level at $0.4251 with a yellow box. The analyst warned that if Cardano fails to hold this level, it may face another sharp decline, which may push its current price to a new low of $0.24.

Since the beginning of the year, the price of Cardano has been on a a big downward trend, it experiences continuous decline in both favorable market conditions and high volatility. While other altcoins like Solana and Ethereum have grown significantly, Cardano is slowcontinuously keeps the value below $1.

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As of writing, the cryptocurrency is trading at $0.39, achieving a small daily gain of 3.24% as market conditions stabilize. 24 hours trading volume increased significantly, increasing by about 24.84%.

With Cardano Chang is a hard fork approaching, the cryptocurrency may be preparing for a significant price change. Many analysts are optimistic, pointing to the formation of the aforementioned wedge pattern as a strong bullish indicator. Another commentator he predicts that if Cardano breaks this pattern, its price could rise to between $0.46 to $0.81 before the end of the year.

The featured image was created with Dall.E, a chart from Tradingview.com