Cardano, one of the prominent cryptocurrencies in the market, has been under scrutiny by crypto analysts for its recent price movements. While the price of Cardano has been on a downward trend for most of the year, some analysts are now pointing towards a potential rebound based on new technical patterns.
One of the key technical patterns that analysts have identified in Cardano’s price action is the falling wedge pattern. This pattern is seen as a bullish indicator as it signals the end of a consolidation phase and the potential for a reversal or continuation pattern. Both Captain Faibik and Zayk Charts have highlighted the formation of this pattern in Cardano’s chart, suggesting a significant breakout in the near future.
According to Captain Faibik, Cardano may experience a 72.84% surge from its current price if it breaks out of the falling wedge pattern. This prediction has sparked optimism among investors who are now keeping a close eye on Cardano’s price movements. Similarly, Crypto Feras has also identified a crucial support level for Cardano at $0.4251, highlighting the importance of this level for the cryptocurrency’s bullish rebound.
Despite the recent downtrend, Cardano is currently trading at $0.39 with a slight daily uptick of 3.24%. The 24-hour trading volume has also increased significantly by approximately 24.84%. This could indicate a potential shift in market sentiment towards Cardano as investors anticipate the upcoming Cardano Chang hard fork.
While Cardano has been facing challenges with its price performance throughout the year, the identification of new technical patterns such as the falling wedge pattern has instilled optimism among analysts. The potential for a substantial rebound in Cardano’s price is now being closely monitored by investors who are hopeful for a positive turnaround in the near future.
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