A crypto analyst recently discovered a new technical pattern in the Cardano price movements, suggesting the possibility of a significant rebound. This discovery has sparked optimism among investors, with some analysts speculating that Cardano may have reached its lowest point and could be poised for a comeback to $0.8.
Falling Wedge Pattern Signaling a Potential Reversal
The falling wedge pattern identified by the analysts is a unique technical formation that usually indicates the end of a consolidation phase and the start of a new trend, whether it be a reversal or a continuation pattern. This pattern often signifies that a cryptocurrency has reached its bottom in the market, making it a bullish indicator for investors.
According to Captain Faibik, the crypto analyst who first uncovered the falling wedge pattern in Cardano’s price chart, there could be a breakout on the horizon. Faibik has predicted a potential surge of 72.84% from the current price of Cardano, urging investors to pay close attention to this crucial area for possible price movement.
Another analyst known as ‘Zayk Charts’ has also identified and confirmed the falling wedge pattern in Cardano’s price chart. He foresees a breakout ranging between 40% to 50% for Cardano if the pattern holds true. If the breakout occurs, Cardano could potentially reach $0.8, marking a significant milestone for the cryptocurrency.
Crypto analyst ‘Crypto Feras’ has highlighted a critical support level that Cardano must maintain to secure its anticipated bullish rebound. The support level is marked at $0.4251, with Feras warning that failure to hold this level could lead to another sharp decline, possibly pushing the price of Cardano to new lows at $0.24.
Throughout the year, Cardano has been experiencing a downward trend, failing to keep up with other altcoins like Solana and Ethereum. Despite favorable market conditions and high volatility, Cardano has struggled to maintain a price above $1. As of the latest update, the cryptocurrency is trading at $0.39, showing a daily increase of 3.24% as market conditions stabilize. The 24-hour trading volume has also seen a significant surge, with an increase of approximately 24.84%.
As the Cardano Chang hard fork approaches, there is growing anticipation for a potential turnaround in the price of the cryptocurrency. Many analysts are optimistic about the future of Cardano, citing the formation of the falling wedge pattern as a strong bullish indicator for investors.