Cardano Price Prediction: Analyst Sounds Alarm Of Break Through Key Resistance, Why A Rally Could Follow

Quick Summary:

While the cryptocurrency is gearing up for a possible bullish rally, a crypto analyst has also shared the downside risks Cardano could experience if it fails to hold crucial support levels.  Cardano Price Breaks Falling Wedge Resistance, Signals Uptrend The Cardano price appears to be on a significantly bullish trajectory, as a crypto analyst on TradingView identified as MyCryptoParadise’ has shared an in-depth analysis of its recent price movements.

The crypto analyst has stated that Cardano’s price is approaching a distinctive level, which he calls a "demand zone.” If it can experience a strong rebound from this point, Cardano could start its anticipated upward trend at this crucial level.  The demand zone at $0.0313 acts as a vital support level where there’s likely to be buying interest.

According to the crypto expert, Cardano had just broken through the descending resistance in its Falling Wedge pattern.  Related Reading: Analyst Puts Bitcoin Price Ceiling At $137,000, But Is This The Highest BTC Can Go?

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Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: ADA news ADA price Cardano Cardano news Analyst Adausd Crypto analyst ADA Crypto Cardano price ADAUSDT Crypto news

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 18:30:46 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 522 words

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Sentences: 62 lines

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