Cardano

Captain

A crypto analyst has uncovered a new technical pattern in the <a href="https://www.newsbtc.com/currencies/cardano-ada-price/">Cardano price movements</a>, signaling the potential for a substantial rebound. Echoing this optimism, another analyst has affirmed that <a href="https://www.newsbtc.com/news/cardano/cardano-bottom-price-for-ada/">Cardano may have hit its bottom</a> and could be on the verge of rebounding to $0.8.&nbsp; 
<h2 id="analyst-declares-cardano-s-price-bottom">Analyst Declares Cardano’s Price Bottom</h2> 
In an X (formerly Twitter) <a href="https://x.com/cryptofaibik/status/1806953268435964409?s=46" rel="nofollow">post</a> on June 29, Captain Faibik, a crypto analyst, shared insights on <a href="https://www.newsbtc.com/news/cardano/cardano-next-move-12000-50/">Cardano’s price action</a> and future outlook. According to the analyst, Cardano’s native token, <a href="https://www.newsbtc.com/news/cardano-bloodbath-sell-off-raises-fears-of-imminent-ada-price-drop/">ADA</a>, is forming a falling wedge pattern on the daily time frame chart.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-627223" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-1.jpg?w=460&amp;resize=460%2C221" alt="Cardano 1" width="460" height="221" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-1.jpg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-1.jpg?w=460&amp;resize=460%2C221 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
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A <a href="https://www.newsbtc.com/news/cardano/cardano-falling-wedge-100/">falling wedge pattern</a> 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.&nbsp; 
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Sharing a price chart of Cardano from September 2023 to August 2024, Faibik predicted that Cardano would be <a href="https://www.newsbtc.com/news/cardano/cardano-transactions-10-billion/">breaking out</a> 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.&nbsp; 
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Sharing a similar sentiment, another crypto analyst identified as ‘Zayk Charts’ on X has also <a href="https://x.com/zaykcharts/status/1806894587119804435?s=46" rel="nofollow">unveiled</a> the unique falling wedge pattern on Cardano’s chart. In his case, he foresees a substantial breakout between 40% to 50% for Cardano.&nbsp; 
<h2 id="cardano-rebound-potential-tied-to-crucial-level">Cardano Rebound Potential Tied To Crucial Level</h2> 
If Cardano breaks out of the falling wedge pattern, it could surge to nearly $0.8. A crypto analyst identified as ‘Crypto Feras has <a href="https://x.com/cryptoferas/status/1806639391307141439?s=46" rel="nofollow">revealed</a> a crucial support level that Cardano must maintain to secure its <a href="https://www.newsbtc.com/news/cardano/cardano-holds-strong-after-ddos-attack-market-outlook-turns-bullish-for-ada/">anticipated bullish rebound</a>.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-627224" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-2.jpg?w=460&amp;resize=460%2C226" alt="Cardano 2" width="460" height="226" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-2.jpg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Cardano-2.jpg?w=460&amp;resize=460%2C226 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
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.&nbsp; 
Since the beginning of the year, the price of Cardano has been on a <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-faces-further-decline-0-3389-support-under-threat/">major downward trend</a>, experiencing constant declines in both favorable market conditions and high volatility. While other altcoins like Solana and Ethereum have surged considerably, <a href="https://www.newsbtc.com/analysis/ada/cardano-ada-faces-decline-0-40/">Cardano underperforms</a>, consistently maintaining a price below $1.&nbsp; 
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 <a href="https://www.newsbtc.com/news/cardano/10-price-cardano-volume-90/">trading volume</a> has also surged considerably, recording an increase of approximately 24.84%.&nbsp; 
With the <a href="https://bitcoinist.com/cardano-founder-crucial-update-chang-fork/" rel="nofollow">Cardano Chang hard fork</a> 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 <a href="https://x.com/mralexbull/status/1805674524957872366?s=46" rel="nofollow">predicts</a> that if Cardano breaks this pattern, its price could surge to between $0.46 to $0.81 before the year ends.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/6Cg80Z4s/" alt="Cardano price chart from Tradingview.com" width="3286" height="1576">

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

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