Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Top Analysts Unanimous Cardano (ADA) Has Hit Bottom, Now Set for Major Rebound

Top Analysts Unanimous Cardano (ADA) Has Hit Bottom, Now Set for Major Rebound

CoineditionCoinedition2024/06/29 16:37
By:Abdulkarim Abdulwahab
  • Cardano hit $0.3666, its lowest level since 2023, marking a 55% drop from its yearly high of $0.807.
  • Top analysts agree ADA is set for a rebound, potentially rallying by up to 72%.
  • An analyst says ADa must reclaim $0.42 to confirm its path toward higher price points.

Cardano (ADA) was the hardest hit among top-ranking crypto assets in the recent market downturn, plummeting to $0.3666, a level not seen since late 2023. This marks a roughly 55% drop from its yearly high of $0.807 on March 14.

In contrast, Bitcoin experienced a 20% decrease from its all-time high of $73,650 in Q1 to a recent low of $58,600 during the same period.

However, market watchers are now optimistic about Cardano’s potential for a significant rebound. In a recent post on X (formerly Twitter), widely followed analyst Captain Faibik highlighted that Cardano’s downtrend since the $0.80 threshold has formed a bullish falling wedge pattern on the daily chart.

This observed formation suggests that ADA may have reached its lowest point before a major rebound. The graph accompanying Faibik’s analysis indicates that a breakout from this formation could propel ADA on a 72% short-term rally.

As of the latest data, Cardano is trading at $0.3938, reflecting a 2.16% gain in the last 24 hours. A 72% rally would propel ADA to approximately $0.6774.

In a separate analysis, analyst Zayk echoed this sentiment, suggesting that ADA has likely reached its bottom and could surge by 40% to 50% in the short term.

Meanwhile, analyst Feras emphasized that Cardano needs to reclaim the $0.42 threshold to confirm its path toward higher price points, potentially reaching $0.75. Feras cautioned that failing to reclaim this critical level could lead to further declines, potentially dropping as low as $0.24.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Is $200,000 Bitcoin a Lowball Estimate? Surprising Analyst Predictions Post-Election

Both U.S. presidential candidates recognize cryptocurrency’s importance, courting crypto voters with policies favoring digital asset freedom. Bitwise CIO Matt Hougan views elections as beneficial regardless of winner, highlighting cryptocurrency’s growing regulatory framework.

Ethnews2024/11/02 00:44