Crypto Analyst Predicts Cardano Recovery After ABC Wave Completion, Here’s The Target
April 22 2024 - 6:00PM
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Cardano suffered a massive price crash over the last two weeks.
However, with the market recovery, the ADA price has begun to see
some positive headwinds. Analysts expect this recovery to continue,
with one crypto analyst in particular, who goes by CobraVanguard,
expecting a bullish continuation toward $1. Cardano Completes The
ABC Wave The crypto market crash, led by Bitcoin, saw the prices of
Cardano and other altcoins plunge into a dreaded ABC wave. This
wave is notorious for causing massive dips to the tune of 50%,
leaving investors in losses in its wake. Related Reading: Ethereum
Enters Accumulation Phase As $500 Million ETH Leave Exchanges The
crypto analyst revealed that Wave A had taken place when Cardano
had fallen from $0.8 to $0.57, and then Wave B saw the recovery
from $0.57 to $0.68. The third and final wave, Wave C, saw the
price crash from $0.77 to $0.4 before bouncing upward once again,
signaling the completion of the ABC wave. As with all other
crashes, there comes a time when the ABC wave is over, and the
price of an altcoin can recover, and it seems Cardano has entered
this range. The price of the altcoin has since recovered above
$0.5, with the bulls now taking control. From here, the analyst
expects the recovery to continue and rally with a new wave. “After
the fifth bullish wave, Cardano has completed his corrective waves
(ABC) and now he has reached the end of the wedge, now it is time
to start the five bullish waves,” CobraVanguard said. Source:
Tradingview.com ADA Price Targets CobraVanguard outlines a number
of reasons why they believe that the Cardano price is going to be
bullish. Firstly, they outline an ascending structure of the chart,
which suggests a bullish continuation. Next is the bullish wedge
that is forming in the chart. Also, high-potential areas are
becoming clearer in the chart, as the analyst outlined. Related
Reading: Battle For The Halving Block: Bitcoin Users Spend Record
$2.4 Million On Block 840,000 In the first wave, the analyst
outlines a possible jump to $0.77. From here, they expect that the
price will retrace a bit to $0.64 before resuming the uptrend.
However, the analyst takes a more conservative stance compared to
other analysts about the top, putting it somewhere around $1.09.
The analyst further pointed out that in a situation where the wedge
were to break down, it could invalidate this, and possibility lead
to a decline in price. “Note that if the WEDGE is broken down with
the power of descending candles, our analysis will fail,”
CobraVanguard concluded. ADA price at $0.5 | Source: ADAUSDT on
Tradingview.com Featured image from CoinGape, chart from
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