Crypto Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For ADA
May 06 2024 - 8:10PM
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Cardano has recovered from its April lows and continues to maintain
a strong momentum above $0.45. This has prompted expectations that
the altcoin will go on a rally from here. However, not everyone
shares this sentiment as one crypto analyst expects the price to
crash further from here. Cardano Will Crash Back Below $0.45 In the
latest video on his YouTube channel that revolved around Cardano’s
future trajectory, crypto analyst, ‘More Crypto Online’, revealed
why the ADA price is poised for more decline. The analyst pointed
out that the altcoin is currently in its 3-wave corrective rally.
Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To
$1.2 For FTM Price Now, the Elliot Wave Theory which is being
referred to by the crypto analyst consists of five waves. Out of
the five, three are bullish and two are bearish. The bullish waves
involve the 1, 3, and 5, with 2 and 4 being bearish waves. If the
analyst is correct and the Cardano price has only completed three
waves so far, that means the fourth wave, which is a bearish wave,
is yet to be established. As a result, the crypto analyst believes
that the Cardano price will further break down as it enters the
fourth wave. He further pointed out that the altcoin’s price had
fallen below the $0.48 support, which was an important level for
it. This, coupled with the fact that it is yet to enter the fourth
wave, has the analyst convinced that the price crash is far from
over. As for where the ADA price might end up in this fourth wave,
the crypto analyst believes it will go as low as $0.42 before
recovering again. However, the good news is that once the fourth
wave is completed, it gives way for the fifth wave to begin, which
is the most bullish of all the waves and could see the ADA price
barrel past $1. ADA Metrics Still Bullish Despite the bearish
outlook presented by the crypto analyst, major Cardano metrics
continue to show bullish divergence. For example, the daily trading
volume of the altcoin has risen almost 17% in the last day to cross
$286 million, data from CoinMarketCap shows. Related Reading: Why
Did The Solana (SOL) Price Jump Today? This drastic rise in daily
trading volume suggests a return of interest in the altcoin and
this could quickly translate to a bullish trend, especially in the
short term. Additionally, the fact that the price is on the rise at
this time suggests that the majority of the transactions as a
result of this renewed interest is from buyers rather than sellers.
This suggests that the price will continue to rise if this demand
is sustained. At the time of writing, ADA is still sitting firmly
above $0.45, with a 1.78% increase in the last day. ADA price still
above $0.45 | Source: ADAUSDT on Tradingview.com Featured image
from Cardano Feed, chart from Tradingview.com
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