Crypto Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For ADA

Cardano has recovered from its April lows and continues to maintain strong momentum above $0.45. This has raised expectations that altcoins will rise from here. However, not everyone shares this sentiment, as one crypto analyst predicts prices will plummet further from here.

Cardano will crash below $0.45

recently video Cryptocurrency analyst “More Crypto Online” revealed on his YouTube channel centered around Cardano’s future trajectory why ADA prices are trending further down. The analyst pointed out that altcoins are currently undergoing a three-wave correction.

Well, the Elliott wave theory that crypto analysts are referring to consists of five waves. Out of the 5, he is 3 bullish and 2 bearish. Bullish waves include 1, 3, and 5, while 2 and 4 are bearish waves.

If the analysts are correct and Cardano price has completed only three waves so far, it means that the fourth wave, which is a bearish wave, has not yet been established. As a result, crypto analysts believe that Cardano prices will enter a fourth wave and fall further.

He further pointed out that the altcoin price is below the $0.48 support, which is an important level for altcoins. This, combined with the fact that we are not yet in the fourth wave, gives analysts confidence that the price crash is not over yet.

As for where ADA’s price will end up in this fourth wave, crypto analysts believe it will drop to $0.42 before recovering again. But the good news is that once the fourth wave is complete, the most bullish of all waves, the fifth wave, will begin. ADA price barrel can exceed $1.

ADA indicators remain bullish

Despite the bearish outlook offered by cryptocurrency analysts, key Cardano indicators continue to show bullish divergence. For example, altcoin daily trading volume increased by almost 17% over the past day to over $286 million. data From the CoinMarketCap show.

This sudden increase in daily trading volume suggests that interest in the altcoin is returning and could soon turn bullish, especially in the short term. Furthermore, the fact that prices are rising at the moment suggests that the majority of transactions as a result of this renewed interest are by buyers rather than sellers. This suggests that if this demand is maintained, prices will continue to rise.

As of this writing, ADA is still firmly above $0.45, having gained 1.78% the previous day.

ADA price still above $0.45 | Source: ADAUSDT on Tradingview.com

Featured image from Cardano feed, 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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