Cardano has been showing signs of recovery from its recent lows, with the price holding steady above $0.45. However, one crypto analyst, known as ‘More Crypto Online’, has a different perspective on the future trajectory of ADA. According to the analyst, the altcoin is currently in a 3-wave corrective rally based on the Elliot Wave Theory. This theory consists of five waves, with three being bullish and two being bearish. If the analyst’s prediction is correct and Cardano has only completed three waves so far, it suggests that a bearish fourth wave is still to come. This could mean further price decline for ADA in the near future.
The analyst also highlighted that Cardano’s price recently dropped below the $0.48 support level, indicating a bearish trend. With the altcoin yet to enter the fourth wave, there is a strong possibility of a price crash in the coming days. The analyst predicts that ADA could plummet to as low as $0.42 before any signs of recovery. Despite this bearish outlook, there is a silver lining in the form of the fifth wave. Once the fourth wave is complete, it paves the way for the most bullish wave, potentially propelling the ADA price beyond $1.
While the crypto analyst paints a grim picture for Cardano, the reality is more nuanced. Major metrics of Cardano continue to display bullish signs, such as an increase in daily trading volume by almost 17% in the last day, surpassing $286 million. This surge in trading volume indicates renewed interest in the altcoin, which could lead to a bullish trend, particularly in the short term. Additionally, the rising price of ADA suggests that the majority of transactions are driven by buyers rather than sellers, indicating a potential upward trend.
As of now, Cardano is still trading above $0.45, showing a 1.78% increase in the last day. This stability in price amidst conflicting predictions reflects the uncertainty in the market regarding ADA’s future. It is essential for investors to conduct their own research and due diligence before making any investment decisions. While there are contrasting views on the price movement of Cardano, it is crucial to consider all factors before entering the market.
Cardano’s price trajectory remains uncertain, with conflicting predictions from analysts. While some foresee a potential price crash in the near term, others highlight bullish indicators that suggest a possible uptrend. Investors should approach the market with caution and be prepared for volatile movements in the price of ADA. Conducting thorough research and staying informed about the latest developments in the crypto space is essential to make well-informed investment decisions.