Cardano Price May Stay Above $0.80 If Wedge Breaks
Crypto analyst CobraVanguard predicts that Cardano (ADA) may not drop below $0.80 again if it breaks out of its current wedge pattern. The recent acknowledgment of Grayscale’s Cardano ETF filing by the US SEC is seen as a bullish signal for ADA, potentially attracting institutional investors.
Key Points on Cardano's Price Movement
- A breakout above the wedge could allow ADA to reclaim the $1 price level.
- Current market conditions show ADA below $0.8, which may present a buying opportunity.
- Analyst CryptoBusy indicates ADA is near its 0.5 Fibonacci support level; a drop below this could lead to a decline towards $0.618.
- Analyst Sebastian forecasts a 'mega bounce' for ADA prices following the current downtrend.
- Ali Martinez emphasizes critical support between $0.67 and $0.80; maintaining this level is essential for the bull run.
- As of now, ADA trades at approximately $0.65, down over 12% in the last 24 hours.
