Market Expert Shares Three Cardano Price Targets

Following the rejection from a lower trendline retest earlier in the week, a top market analyst has highlighted three targets for a Cardano price downtrend.

Notably, the downside followed a rejection after an attempt earlier in the month to reclaim a lower support trendline around $0.90. With Cardano now losing the 20-day and 50-day moving averages, Gambardello has highlighted three levels it could retest if bearish momentum persists.

Meanwhile, his last target is a key support area around the mid-$0.60s, particularly around $0.62. While he noted that he does not want to see this happen, he maintained that it is the target for a technical move following a price breakdown.

Three Cardano Targets## Cardano Upside Still Possible

Nonetheless, Ganbardello did not entirely rule out a price rebound. In fact, he predicted how it could happen, but he advised great caution, as the market shows clear signs of a bearish trend.

Specifically, he noted that a bullish reversal could happen depending on how Cardano reacts with the current Fibonacci support. The market watcher pointed out that a rebound from the area would set things up for a retest of the lower trendline, where it was rejected earlier in the month.

He emphasized that Cardano’s reaction to reaching the trendline would determine whether a market shift would occur. A breakout would indicate bullish momentum for a rally to higher prices, while another rejection may confirm resistance, leading to a sideways trend.

Additionally, he shared that a move towards $0.87 would be a positive sign for Cardano. According to him, reclaiming the price level could be the start of a reversal move for the cryptocurrency.