Lokesh Gupta
27-06-2024
#Cardano price hit a peak of $0.8100 in mid-March but struggled to maintain levels above $0.8000.
Following this peak, it underwent a notable decline of 55.80%, dropping to a low of $0.3575.
Since June 18, $ADA has traded consistently below $0.40, yet it has found reliable support just above $0.35.
Analyzing the daily chart reveals ADA forming a wedge pattern, indicating current price movements are confined within this structure.
ADA is now approaching a critical breakout juncture that will dictate its future price trend.
As per Coingabbar analysis, A drop below $0.35 would likely extend the downtrend, possibly targeting support around $0.28.
Conversely, a breakout above $0.40 would signal a rejection of the recent downtrend, suggesting potential bullish momentum ahead.
KEY LEVELS :
RESISTANCE LEVEL : $0.4000-$0.4500
SUPPORT LEVEL : $0.3500-$0.3050
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgement, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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