Crypto Analyst Predicts Cardano Recovery After ABC Wave Completion, Here’s The Target

Cardano has suffered a massive price crash over the past two weeks. However, as the market recovers, ADA prices are starting to experience some headwinds. Analysts expect this recovery to continue, with one cryptocurrency analyst in particular called Cobra Vanguard predicting continued bullishness towards the dollar.

Cardano completes ABC Wave

The Bitcoin-led cryptocurrency market crash has sent the prices of Cardano and other altcoins into a frightening ABC wave. This wave is notorious for causing massive declines of up to 50%, resulting in losses for investors.

crypto analyst revealed In other words, wave A occurred when Cardano fell from $0.8 to $0.57, and then wave B recovered from $0.57 to $0.68. In his third and final wave, wave C, the price plummeted from $0.77 to $0.4 and then rose again, marking the completion of the ABC wave.

As with all crashes, there comes a time when the ABC wave ends and altcoin prices recover, and Cardano seems to have entered this range. The altcoin price has since recovered above $0.5 and the bulls are now in control.

Analysts predict that the recovery will continue and there will be a new wave of recovery. “After the 5th bullish wave, Cardano completed the correction wave (ABC) and reached the end of the wedge. Now it is time to start the 5th bullish wave,” Cobra Vanguard said.

Source: Tradingview.com

ada price target

CobraVanguard explains several reasons why we think Cardano’s price will be bullish. First, we outline the uptrend structure on the chart, suggesting a bullish continuation. Next is the bullish wedge that is forming on the chart. The chart also shows areas of high potential becoming clearer, as outlined by analysts.

In the first wave, analysts outline a potential rise to $0.77. From here, they expect the price to briefly retrace to $0.64 before resuming its uptrend. However, the analyst has a more conservative stance on upside compared to other analysts, pinning the upper limit at around $1.09.

The analyst further noted that this could become invalid in a situation where the wedge collapses, leading to a fall in prices. “Note that our analysis will fail if WEDGE breaks under the force of a descending candle,” CobraVanguard concluded.

Cardano price chart on Tradingview.com

ADA price at $0.5 | Source: ADAUSDT on Tradingview.com

Featured image from CoinGape, chart from Tradingview.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell, or hold an investment, and investing naturally involves risk. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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