Title: Cardano (ADA) Faces Potential Bearish Move, Analysts Warn
Recent analysis suggests that cryptocurrency Cardano (ADA) may experience a bearish downturn, with the price potentially dropping to lower levels. Leading cryptocurrency-focused YouTube channel, More Crypto Online, has highlighted that Cardano’s bottom has not yet been reached, indicating that another crash could be imminent.
The analysis points to the Elliot Wave theory, which confirms a signal of a drop in ADA price. The expert explains that the recent rally was only a 3-wave corrective rally, which is typically not a bullish sign and could result in Cardano breaking or fluctuating. The Elliot Wave theory is a technical approach used to analyze recurring price patterns.
Furthermore, the analysis indicates that Cardano’s collapse below the support level at $0.48 invalidates any bullish bias. This suggests that ADA could experience Wave 5, indicating a significant decline. If this scenario unfolds, the price of Cardano could potentially fall to the $0.42 zone.
As of the time of publication, the price of Cardano stands at $0.4659, showing a 1.6% increase in the last 24 hours. The cryptocurrency has recorded a trading volume of $285,266,896 during this period.
It is noteworthy that a well-known analyst in the cryptocurrency sector recently shared an optimistic analysis, suggesting a potential bull run for Cardano (ADA) in the near future.
Cardano (ADA) Poised for a Parabolic Run
According to technical analysis by Ali Martinez, the ADA cryptocurrency seems to be on the verge of a parabolic run in its price. Martinez highlights that this could be an excellent opportunity to buy the dip in ADA. Referring to historical trends, the analyst points out that the 50% price drop that ADA experienced last month could present a golden opportunity.
The analyst’s observations indicate that in 2019, Cardano went through a consolidation phase within a parallel channel, signaling the end of the bear market. After breaking out of the channel, ADA experienced a 75% increase, followed by a 56% price correction, setting the stage for an impressive 4,095% bull run.
Disclaimer: The views and opinions expressed by the author and those mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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