#Cardano's price decline from its $0.68 peak has formed a wedge pattern on the daily chart.
The recent correction in the crypto market led to a bearish breakdown in Cardano's price pattern.
Breaking below the $0.50 psychological support level and the long-term support trendline, $ADA faces a bearish trend.
Bears are currently testing the $0.420 support zone, challenging bullish resilience.
Recent daily candles show lower price rejection, signaling a potential continuation of bullish momentum.
$ADA has been moving within a falling wedge pattern on the daily chart for over a month.
Momentum indicators suggest a potential double bottom at $0.45, hinting at a price resurgence.
ADA's rebound from the lower trendline suggests a possible retest of the upper trendline and a breakout, potentially resulting in a 24.8% rally to $0.66.
As per Coingabbar's analysis, Breaking below the lower trendline or failing to surpass $0.50 could invalidate the bullish outlook, potentially causing ADA to drop to $0.35.
KEY LEVELS :
RESISTANCE LEVEL : $0.5200-$0.5600
SUPPORT LEVEL : $0.4400-$0.4000
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.
