Analysts Kick Against Cardano Recovery, Says ADA Price Is Destined For 33% Crash
September 14 2024 - 7:00PM
NEWSBTC
The overall bearish sentiment for Cardano (ADA) continues to rise
as analysts now foresee a massive 33% price crash for the altcoin.
This pessimistic projection comes as ADA struggles to gain traction
in the market, with its value remaining stagnant or steadily
dropping to lower levels. Cardano (ADA) Crash Incoming
Compared to other prominent altcoins in the crypto market, Cardano
has performed poorly, struggling with price declines and sluggish
growth. Consequently, a crypto analyst, identified as
‘Financialfreedomgoals’ on TradingView, predicted
that cryptocurrency is likely to experience more than a 30%
crash to new lows. Related Reading: BlackRock Calls Bitcoin
‘Hedge Against Global Disorder’, Analyst Sets $600,000 Target The
analyst notes the broader negative state of the current crypto
market, highlighting that most altcoins are stuck in a “bearish
rut.” He disclosed that rather than achieving new all-time highs,
these coins have been setting fresh lows, underscoring the
persistent downtrend and decreased confidence amongst
investors. Cardano, in particular, has had its share of
negative sentiment and volatility. The cryptocurrency has stayed
unwaveringly below the Exponential Moving Average (EMA) 200 line, a
key technical indicator traders often use to gauge long-term
trends. Typically, when the price of a cryptocurrency stays below
this line, it tends to signal a continuation of a bearish
trend. Given the present bearish state of the market, the
crypto analyst has dismissed the idea of an upcoming altcoin
season, where the majority of cryptocurrencies excluding Bitcoin
experience significant price gains. On the daily time frame,
Cardano is trading below the EMA 200 line and the bearish trend
line. Initially, a rising wedge pattern had formed on the
cryptocurrency’s price chart, however instead of breaking out,
Cardano saw a series of negative candlesticks alongside a bearish
crossover on the Moving Average Convergence Divergence
(MACD). This series of negative indicators suggests that
bears may be tightening their grip on Cardano’s price. As such, the
crypto analyst foresees the ADA continuing its descent to reach
fresh lows at target areas: 0.2506 or 0.2197. These targets are
calculated using the Fibonacci retracement ratios of 1.272 and
1.618. 0.3815 Resistance Could Trigger Bullish Surge Despite
maintaining a largely bearish stance on Cardano’s price outlook,
Financialfreedomgoals has hinted at a potential bullish turnaround.
He has suggested that a price reversal for ADA could be possible if
the price of the cryptocurrency manages to break above the key
resistance at 0.3815 Fibonacci level. Related Reading: Time
To Convert Bitcoin To Ethereum? ETH/BTC Charts Gears Up For 180%
Surge Crypto analyst Sssebi shares an even greater bullish outlook
for Cardano. He highlights that during the previous bull market,
ADA’s value increased by more than 100X. As a result, the analyst
believes that ADA will rally by at least 20X in this current market
cycle, expressing even stronger confidence that the cryptocurrency
will reach $5 soon. As of writing, the price of ADA is
trading at $0.3576, reflecting a significant increase of 11.39%
over the past week, according to CoinMarketCap. Featured
image created with Dall.E, chart from Tradingview.com
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024