Coin Edition -
- 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.
$ADA Falling Wedge formation on the Daily timeframe Chart..!!Expecting Breakout soon, So Keep an eye on it.