Cardano ADA Could Hit $0.80 After Falling Wedge Pattern Identified

A recent examination of Cardano’s (ADA) technical patterns has revealed signs of a potential recovery for the token, with predictions pointing to a price rise to $0.8. Cryptocurrency analysts have been heavily discussing ADA’s current price scenario, considering a new falling wedge pattern as a bullish sign for the coin.

In a June 29 update on the X platform, renowned crypto analyst Captain Faibik offered a bullish outlook for Cardano’s immediate future. According to him, the formation of a falling wedge on the daily chart indicates that ADA is ending a consolidation phase and may be preparing for a change in price direction. “A falling wedge pattern is usually a bullish indicator, suggesting that the cryptocurrency may have found its bottom,” Faibik explained.

$ADA Falling Wedge formation on the Daily timeframe Chart..!!

Expecting Breakout soon, So Keep an eye on it. 🧐#Crypto #ADA #ADAUSDT pic.twitter.com/bhxGpQCg4Q

— Captain Faibik (@CryptoFaibik) June 29, 2024

The analyst shared a detailed chart, covering the period from September 2023 to August 2024, where he projected an impressive 72.84% price recovery from current levels. Faibik encouraged investors to monitor this specific area for possible entry signals.

Meanwhile, another analyst known as ‘Zayk Charts’ also confirmed the identification of the falling wedge pattern. Zayk Charts suggested that if the pattern is confirmed, ADA could experience a 40% to 50% increase in its value.

$ADA On the 1-day timeframe, a falling wedge pattern indicates that a breakout could result in a 40-50% rise📈#ADA #ADAUSDT #Cardano #Crypto pic.twitter.com/LbVy4nQyq0

— ZAYK Charts (@ZAYKCharts) June 29, 2024

As the Cardano Chang hard fork approaches, expectations of a significant price turnaround are growing among experts. At press time, the price of ADA was trading at $0.4052, up 2% in the last 24 hours and 6.8% in the week.

Disclaimer:

The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.