Cardano (ADA) to Dip by 40% if Crucial Support Fails; Fetch.ai (FET) Recovery Hinges on This Trendline Breakout
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.
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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.
Fetch ai – FET/USDT
FET has been in a downtrend for almost 4 months and is now testing the old all-time high from late 2021, which is around $1.195 (the black line on the chart).
If the price retests at that point, then a rally could start. However, if it continues the dip and turns the support to resistance, the downtrend could continue to be as low as the red line around $0.8, the red area, which was a major support in 2021. There is a high chance that the red zone could be a strong support for price if the downtrend continues.
There is also a descending trendline that has acted as resistance to the FET price. For the token to break bullish and end the ongoing corrective phase, it needs to break above the descending trend line.
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Show more +Based on Rekt Capital’s analysis, even if the price bounces off the $1.195 support, the orange descending trend line is still a major price resistance, and if it continues to hold, the black line will eventually fail as support.
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