During the current market dip, Cardano’s ADA has shed around 15% of its value. The ADA price is now trading at approximately $0.34 after reaching a local high in the $0.41 range on September 27th.
Cardano boasts a strong community, and various traders frequently share viral ADA price predictions and analyses on X. One of our favorite analysts to cover is “World Of Charts,” known for his simple yet informative charts.
Bullish Signals for the ADA Price
World Of Charts’ recent analysis of ADA’s price action reveals some intriguing patterns. The ADA chart indicates a Falling Wedge formation, a bullish reversal pattern visible through converging downward trend lines containing the price action from February to September.
In early October, ADA’s price successfully broke above the upper trend line of the wedge, signaling a bullish breakout. Typically, such breakouts from falling wedge patterns suggest strong upward momentum.
$Ada#Ada After Successful Breakout Cardano Retesting Falling Wedge Incase Of Successful Retest Still Expecting 2x In Coming Days https://t.co/Q3y8x6trPy pic.twitter.com/uf07gB4Lfy
— World Of Charts (@WorldOfCharts1) October 4, 2024
Looking at the historical price movement, ADA has been in a downtrend since reaching highs near $0.8 in March, declining to approximately $0.24 by August. However, since hitting this low, ADA has been recovering within the falling wedge.
Cardano: Key Levels and Potential Price Targets
After the breakout, ADA’s price appears to be retesting the previous resistance line, which could now act as support. This retest is crucial; a successful hold of this support could confirm the bullish trend.
Based on the chart projection and the analyst’s tweet, there’s an expectation of a potential 2x move in ADA’s price. The measured move target suggested in the chart is around $0.74 to $0.75, aligning with the tweet’s mention of a 2x increase from the breakout level of about $0.37.
Key levels to watch include support around $0.35 (the upper trend line of the falling wedge) and resistance at $0.50, $0.65, and $0.75, with $0.75 representing the ultimate target of this breakout.
It’s worth noting that while the Cardano chart doesn’t show volume, successful breakouts are typically accompanied by increasing volume. Traders would want to see higher volume to confirm the breakout and the upcoming price rally. In the last 24 hours, ADA’s volume is down 5.5%, to around $307,000.
Cardano is joining the interchain!Learn more about @Cardano's recent announcement for enhanced connectivity with the interchain ecosystem via IBC – by @cleanerm5.This month, at Cosmoverse and Cardano Summit in Dubai! pic.twitter.com/d3HvISzawA
— Cosmoverse | Dubai Oct. 21-23 (@CosmoverseHQ) October 3, 2024
If ADA fails to hold the retest level and drops back into the wedge, the bullish momentum could fade, and the price may continue to trade within the previous downtrend. It’s crucial to watch how ADA performs in the next few days around the retest level.
Besides Cardano – Which Crypto Might Pump in October?
While Cardano is grabbing headlines, another project catching attention is PandaWorld, a newly launched meme coin. PandaWorld aims to blend the viral appeal of meme culture with a robust ecosystem focused on gaming and casino platforms.
The ecosystem’s primary currency is the $PADW token, which is central to a turn-based RPG where players can embark on quests, collect cards, and build teams. The total supply of $PADW tokens is set at 88.8 billion, with a significant portion (40%) allocated for presale.
PandaWorld’s presale appears to be gaining traction, having raised almost $120,000 within days of launching. This early interest suggests that investors are taking notice of this new entrant in the meme coin space.
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