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

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

Source:
X

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.

Source:
X

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,