• Cardano hit $0.3666, its lowest level since 2023, marking a 55% drop from its yearly high of $0.807.

  • Top analysts agree ADA is set for a rebound, potentially rallying by up to 72%.

  • An analyst says ADa must reclaim $0.42 to confirm its path toward higher price points.

Cardano (ADA) was the hardest hit among top-ranking crypto assets in the recent market downturn, plummeting to $0.3666, a level not seen since late 2023. This marks a roughly 55% drop from its yearly high of $0.807 on March 14.

In contrast, Bitcoin experienced a 20% decrease from its all-time high of $73,650 in Q1 to a recent low of $58,600 during the same period.

However, market watchers are now optimistic about Cardano’s potential for a significant rebound. In a recent post on X (formerly Twitter), widely followed analyst Captain Faibik highlighted that Cardano’s downtrend since the $0.80 threshold has formed a bullish falling wedge pattern on the daily chart.

This observed formation suggests that ADA may have reached its lowest point before a major rebound. The graph accompanying Faibik’s analysis indicates that a breakout from this formation could propel ADA on a 72% short-term rally.

$ADA Falling Wedge formation on the Daily timeframe Chart..!!Expecting Breakout soon, So Keep an eye on it. 🧐#Crypto #ADA #ADAUSDT pic.twitter.com/bhxGpQCg4Q

— Captain Faibik (@CryptoFaibik) June 29, 2024

As of the latest data, Cardano is trading at $0.3938, reflecting a 2.16% gain in the last 24 hours. A 72% rally would propel ADA to approximately $0.6774.

In a separate analysis, analyst Zayk echoed this sentiment, suggesting that ADA has likely reached its bottom and could surge by 40% to 50% in the short term.

Meanwhile, analyst Feras emphasized that Cardano needs to reclaim the $0.42 threshold to confirm its path toward higher price points, potentially reaching $0.75. Feras cautioned that failing to reclaim this critical level could lead to further declines, potentially dropping as low as $0.24.

The post Top Analysts Unanimous Cardano (ADA) Has Hit Bottom, Now Set for Major Rebound appeared first on Coin Edition.