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Recently, the cryptocurrency market experienced significant fluctuations. Cardano (ADA) was one of the cryptocurrencies affected by these fluctuations. Since the end of 2023, ADA has dropped to its lowest level, losing 55% of its value from its March peak of $0.807 to $0.3666. This decline made Cardano one of the most affected cryptocurrencies in the recent market crash.
Cardano’s Decline Is Very Noticeable
Unlike Bitcoin, Cardano’s decline was quite noticeable. While Bitcoin experienced a 20% drop since the beginning of the year, ADA faced a much larger decline. However, market analysts remain optimistic about Cardano. Leading analysts indicate that ADA’s technical indicators signal a positive turnaround.
According to Captain Faibik’s analysis, the falling wedge formation on ADA’s daily chart can be interpreted as a recovery signal. This formation suggests that ADA has reached its bottom and has the potential for a rally of up to 72% in the short term. Currently trading at $0.3938, ADA could soon rise to $0.6774.
Different Opinions on ADA
Another analyst, Zayk, shares similar optimism. According to Zayk, ADA has likely seen its bottom and could experience a value increase of 40% to 50% in the upcoming period. However, Feras’s warning is also noteworthy. Feras indicates that if ADA fails to surpass the significant resistance level of $0.42, it could face further declines and drop to $0.24.
Although the cryptocurrency Cardano has recently experienced a significant decline, technical analyses and expert opinions suggest that ADA is preparing for a recovery. The critical point for investors will be whether ADA can surpass the $0.4 level. Surpassing this level could confirm Cardano’s recovery process and offer significant short-term gain opportunities.
At the time of writing, ADA is trading at $0.39. Since the price is below $0.42, analyst Feras’s prediction remains the focal point.
