Analyst Says $0.8 Might Not Come Again If This Wedge Breaks Out
As part of his Cardano price forecast, Crypto Analyst Cobravanguard It has been revealed that what needs to happen if ADA will never fall to the $0.8 level again. This is the recognition of Grayscale’s Cardano ETF application in the US SEC, providing bullish prospects for cryptocurrencies.
How Cardano price will never fall $0.8 again
exist TradingView PostsCobravanguard noted that Cardano prices continue to be good within the wedge. Analysts claim that if this wedge is broken, market participants will no longer see ADA below $0.80. Analysts accompanying charts indicate that the rest above may see Cardano take back $1 Psychological Price Level.
Related Readings
This bullish Cardano price outlook is recognized by the Securities and Exchange Commission (SEC) Grayscale Cardano ETF registration. ETFs are bullish at ADA prices as it will attract institutional investors and put more inflows into the coin ecosystem, which could trigger a rally at new highs.
However, at the same time, Cardano’s price looks to be in bearish territory as it relates to the wider cryptocurrency market. The ADA is currently below the $0.8 price level, which may represent a great buying opportunity, especially if Cobravanguard predicts that cryptocurrencies never see this price level again.
Regarding the short-term bearish outlook for Cardano price, crypto analyst Cryptobusy also noted that ADA has barely been close to its 0.5 fibonacci support level. Analysts added that a breakdown below this FIB support could drop directly to the $0.618 price level. CryptoBusy suggests that this kind of crash could happen Ada is facing Huge sales pressure.
ADA is coming soon
In X posts, Crypto Analyst Sebastian Tell market participants to prepare for a large rebound at Cardano prices after this market decline. In another article, he noted that the worst time to sell is now. He added that within a month, market participants hoped they would buy more. According to him, the market is an emotional game, and more and more people are leaning against, the final price will become higher and higher.
Related Readings
at the same time, Crypto analyst Ali Martinez Recently pointed out that the most critical support area for Cardano price is $0.67 to $0.80. He pointed out that as long as this level is true, Ada’s cow run will remain intact. The chart he accompanied shows that ADA can still reach its current $3.10 (ATH) and may exceed this price level in this market cycle.
At the time of writing, Cardano price is trading at about $0.65, down more than 12% in the past 24 hours. data From CoinMarketCap.
Featured images from Adobe Stock, charts from TradingView.com
