Lokesh Gupta
20-04-2024
#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.
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.
Owned by:-
DCG Tech FZCO, UAE
Delivery Partner:-
Gabbar MediaTech Pvt Ltd.
Copyright © 2025 Coin Gabbar. All Rights Reserved.
