As part of his Cardano price prediction, crypto analyst CobraVanguard has revealed what needs to happen for ADA to never drop below the $0.8 level again. This comes amid the US SEC’s acknowledgment of Grayscale’s Cardano ETF filing, providing a bullish outlook for the crypto.
How The Cardano Price May Never Drop Below $0.8 Again
In a TradingView post, CobraVanguard noted that the Cardano price continues to move well within a wedge formation. According to the analyst, a break of this wedge could signify that market participants will no longer see ADA prices below $0.80. The accompanying chart illustrated how a break above this wedge could potentially allow Cardano to reclaim the $1 psychological price level.
The bullish sentiment surrounding the Cardano price is further bolstered by the US Securities and Exchange Commission’s acknowledgment of Grayscale’s Cardano ETF filing. The introduction of an ETF could attract institutional investments and drive inflows into the Cardano ecosystem, which may catalyze a price rally to new heights.
However, it’s important to note that the Cardano price currently finds itself in bearish territory, having declined along with the broader cryptocurrency market. ADA is presently trading below the $0.8 price level, which may present an attractive buying opportunity, particularly if the coin never revisits this price point again, as suggested by CobraVanguard.
Regarding the short-term outlook for Cardano, analyst CryptoBusy also expressed concern that ADA is barely holding onto its 0.5 Fibonacci support level. A breakdown below this Fibonacci level could lead to a drop straight to the $0.618 price level. CryptoBusy indicated that such a downturn is likely given the significant selling pressure ADA is currently facing.
A Mega Bounce Is Coming for ADA
In an X post, crypto analyst Sebastian urged market participants to brace themselves for a potential mega bounce in Cardano’s price following the recent downtrend. He emphasized that the worst time to sell is now, suggesting that in a month, traders may regret not purchasing more ADA. According to Sebastian, market dynamics are heavily influenced by emotions, and as capitulation increases, prices are likely to rise.
Additionally, crypto analyst Ali Martinez highlighted the crucial support zone for Cardano between $0.67 and $0.80. He indicated that as long as this range holds, ADA’s bullish trajectory remains valid. His analysis suggests that Cardano could ultimately reach its previous all-time high (ATH) of $3.10, and possibly exceed that threshold in the current market cycle.
As of this writing, the Cardano price hovers around $0.65, reflecting a decline of over 12% in the last 24 hours, based on data from CoinMarketCap.
