Cardano Price Prediction: Analyst Sounds Alarm Of Break Through Key Resistance, Why A Rally Could Follow
08 Novembro 2024 - 3:30PM
NEWSBTC
Based on chart indicators, the Cardano price has just broken
through a key resistance, sparking the promise of a potential
uptrend. While the cryptocurrency is gearing up for a possible
bullish rally, a crypto analyst has also shared the downside risks
Cardano could experience if it fails to hold crucial support
levels. Cardano Price Breaks Falling Wedge Resistance,
Signals Uptrend The Cardano price appears to be on a significantly
bullish trajectory, as a crypto analyst on TradingView identified
as ‘MyCryptoParadise’ has shared an in-depth analysis of its recent
price movements. According to the crypto expert, Cardano had just
broken through the descending resistance in its Falling Wedge
pattern. Related Reading: Analyst Puts Bitcoin Price Ceiling
At $137,000, But Is This The Highest BTC Can Go? This move is
typically seen as a bullish signal, as the Falling Wedge chart
pattern is often associated with positive trend reversals. The
Falling Wedge pattern is a unique technical indicator that occurs
in an upward trend. It is characterized by two descending trend
lines, with one representing highs and the other lows. The crypto
analyst has stated that Cardano’s price is approaching a
distinctive level, which he calls a “demand zone.” If it can
experience a strong rebound from this point, Cardano could start
its anticipated upward trend at this crucial level. The
demand zone at $0.0313 acts as a vital support level where there’s
likely to be buying interest. If Cardano can experience a bounce
from this point, the cryptocurrency could rally and break out above
the $0.417 resistance level, strengthening the analyst’s bullish
scenario while hinting at higher resistance targets. The
market expert discloses that when Cardano breaks the $0.417
resistance, there could be a notable shift in its present market
structure. Notably, Cardano has experienced slow growth and muted
market performance over the past few years. Due to the
cryptocurrency’s low price and sluggish momentum, many investors
have voiced out frustration previously, with some tagging ADA a
dead coin and others alleging that Cardano is a ghost chain.
However, recently, Cardano has been on a bullish trajectory, as its
price has been experiencing significant gains over the past few
weeks. According to data from CoinmarketCap, the Cardano price is
trading at $0.434, marking a 17.29% increase in the past 24 hours
and a 27.84% rise over the past week. The cryptocurrency’s daily
trading volume is also up by more than 65%, underscoring investors
renewed interest and confidence in the altcoin. Potential
Risks If ADA Fails To Hold Key Support Levels TheCryptoParadise has
revealed on TradingView the downside risks that could occur if
Cardano fails to hold the aforementioned critical support levels at
around $0.313. The analyst emphasized that if the Cardano price
fails to hold above the $0.313 level, it might experience a steep
decline toward the critical support zone between $0.274 and $0.290.
Related Reading: Dogecoin Price Looking To Close Weekly Candle
Above The Yellow Line, Why $10 Is Possible If This Happens The
analyst has disclosed that this support zone is an important price
floor where buyers could step in to prevent further price
decreases. He also highlighted that ADA will need to reclaim the
$0.313 support to maintain a bullish outlook. However, if it closes
a day below $0.274, it would most likely invalidate this bullish
scenario, increasing the risk of further price declines and
possibly even setting a new low. Featured image created with
Dall.E, chart from Tradingview.com
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