As a seasoned crypto investor with over a decade of experience navigating through bull and bear markets alike, I must admit that the current outlook for Cardano (ADA) is rather grim. The consistent bearish sentiment and the 33% projected price crash have me feeling like I’m back in the early days of Bitcoin when everyone was convinced it was a digital Ponzi scheme.
The negative outlook on Cardano (ADA) is climbing higher, as experts predict a significant 33% decline in the altcoin’s price. This gloomy forecast arises due to ADA’s difficulties in making headway in the market, with its worth either flatlining or gradually dipping to lower points.
Cardano (ADA) Crash Incoming
In contrast to other well-known alternative cryptocurrencies in the market, Cardano has underperformed significantly, facing repeated price drops and slow development. As a result, a crypto analyst known as ‘Financialfreedomgoals’ on TradingView forecasted that the cryptocurrency might plummet by over 30%, potentially reaching new record lows.
The analyst points out that the overall crypto market is in a slump at present, focusing particularly on altcoins being trapped in a “bearish cycle.” He revealed that instead of reaching new record highs, these cryptocurrencies have been hitting new lows, emphasizing the prolonged downturn and dwindling investor trust.
Cardano’s digital currency has consistently been under a cloud of pessimism and market instability. Notably, its value has persistently stayed beneath the 200-day Exponential Moving Average (EMA), a significant technical benchmark frequently employed by traders to assess long-term tendencies. When the price for a cryptocurrency remains below this line, it often indicates a prolongation of a downward trend.
Considering the current downward trend in the market, a crypto expert has ruled out the possibility of an imminent altseason, a period when the prices of most cryptocurrencies other than Bitcoin are expected to increase substantially.
On a daily basis, Cardano is currently trading below its 200-day moving average and a bearish trendline. Originally, an ascending wedge pattern seemed to be shaping up in its price chart, but instead of breaking above, it’s been followed by a succession of bearish candlesticks accompanied by a bearish MACD crossover (where the faster moving line crosses below the slower one).
Based on these consecutive negative signals, it appears that bears could be strengthening their control over Cardano’s price. Consequently, a crypto expert predicts that the ADA might further drop to hit potential new lows at either 0.2506 or 0.2197. These forecasted levels are derived from Fibonacci retracement ratios of 1.272 and 1.618.
0.3815 Resistance Could Trigger Bullish Surge
Although generally pessimistic about Cardano’s price predictions, Financialfreedomgoals has indicated a potential shift in sentiment towards bullishness. He proposes that if the value of ADA cryptocurrency surpasses the crucial resistance at the 0.3815 Fibonacci level, it might trigger a price rise or reversal.
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.
Currently, the cost of ADA stands at approximately $0.3576, representing a notable surge of around 11.39% in value over the last seven days, as indicated by CoinMarketCap.
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2024-09-15 02:10