A recent analysis of the technical patterns of Cardano (ADA) has indicated potential signs of a recovery for the token, with predictions suggesting that its value could reach $0.8. Within the cryptocurrency industry, analysts have been engaged in intense discussions about the current price scenario for ADA, with a new falling wedge pattern being considered as a bullish signal for the coin.
In a June 29 update on Platform X, the well-known cryptocurrency analyst Captain Faibik provided an optimistic outlook for Cardano’s immediate future. According to him, the formation of a descending wedge on the daily chart indicates that ADA is concluding a consolidation phase and may be gearing up for a change in price direction. “A falling wedge pattern is usually a bullish indicator, suggesting that the cryptocurrency may have reached its lowest point,” Faibik explained.
The analyst presented a detailed chart covering the period from September 2023 to August 2024, in which he projected an impressive 72.84% price recovery from current levels. Faibik encouraged investors to monitor this specific area for potential entry signals.
At the same time, another analyst known as ‘Zayk Charts’ also confirmed the identification of the falling wedge pattern and suggested that if the pattern holds, ADA could experience a 40-50% increase in its value.
As the Cardano Chang hard fork approaches, expectations of a significant price turnaround are growing among experts. At the time of publication, the ADA price was quoted 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 anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.