Cardano Price Prediction: Can It Overcome the Bearish Tide?

Despite a recent DDoS attack, the network showed resilience

• #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.