Cardano (ADA) to Dip by 40% if Crucial Support Fails

Rekt Capital released the price analysis of ADA and FET in their latest newsletter. Their analysis shows ADA broke out of its blue accumulation range to start a new macro-uptrend in late 2023. The accumulation zone is the blue-blue range between $0.2449 and $0.4015.

However, Cardano is now returning to the range and is showing signs of turning the range high at $0.4015 into a new resistance this month, which could make its price continue to trade within the range for a while. Rekt Capital suggests that if the price closes decisively into the range, it could move deeper into the accumulation to hit the support at around $0.2449. At that point, there is a major confluence between the accumulation range low and a rising trend line, suggesting that the zone could be the bottom.

This price pattern shows that Ada could be ready to plummet by around 40%, and it can only be reverted if the price breaks or closes above the high range of the accumulation zone this month. This means the price must break above $0.40 for a chance to rally higher.

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