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

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As a seasoned crypto investor with a few years of experience under my belt, I’ve learned to take both bullish and bearish analyses with a grain of salt. The latest video by ‘More Crypto Online’ suggesting that Cardano (ADA) will crash back below $0.45 based on the Elliot Wave Theory is concerning but not enough to sway my long-term belief in the altcoin.

Cardano has bounced back from its April minimums and persistently holds steady above $0.45. This revival has fueled optimism among some investors that the cryptocurrency will experience a significant surge moving forward. Nevertheless, there are dissenting voices in the crypto community, with one analyst forecasting a potential downturn below current levels.

Cardano Will Crash Back Below $0.45

As a cryptocurrency analyst, I’ve recently shared my perspective on Cardano’s future price movement in a new YouTube video. In my analysis, I identified that ADA is presently experiencing a 3-wave corrective rally.

The Elliot Wave Theory used in cryptocurrency analysis comprises five distinct parts. Three of these segments represent uptrends or bullish waves, labeled as wave 1, wave 3, and wave 5. Conversely, the remaining two segments, wave 2 and wave 4, denote downtrends or bearish waves within this framework.

If the analyst’s analysis holds true, then the Cardano price has completed just three of its five-wave pattern. This implies that the ensuing bearish fifth wave, also known as the corrective wave, is still in the offing. Consequently, the crypto expert anticipates that the Cardano price will experience further declines during this upcoming downtrend.

The analyst noted that the altcoin’s price dropping beneath the significant support of $0.48 was a concerning development. With the coin still in the early stages of what could be its fourth price wave, the analyst remains persuaded that the downward trend is not yet at an end.

Regarding the predicted low point for Cardano’s (ADA) price during this fourth wave, a crypto analyst posits that it may dip as low as $0.42 before bouncing back. On a positive note, following the conclusion of the fourth wave, the ground will be set for the commencement of the fifth wave, which is characterized by substantial bullish momentum and could potentially propel the ADA price beyond $1.

ADA Metrics Still Bullish

As a crypto investor, I’ve taken note of the bearish analysis put forth by some cryptocurrency experts regarding Cardano. However, I’ve been observing some bullish signs in the altcoin’s key performance indicators. One such indicator is its daily trading volume which has surged by nearly 17% in just one day, reaching over $286 million according to CoinMarketCap data.

The substantial increase in daily trading activity indicates a resurgence of enthusiasm for this altcoin, potentially leading to an uptrend, particularly in the near future. Furthermore, with the price climbing at present, it’s likely that most transactions stemming from this renewed interest are buy orders rather than sell orders. This implies that the upward trend will persist if demand remains strong.

Currently, the value of ADA remains steadily above $0.45, marking a 1.78% rise over the past 24 hours.

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2024-05-07 03:22