Despite Cardano experiencing a recovery from its April lows and maintaining momentum above $0.45, there are mixed sentiments about its future trajectory. A crypto analyst known as ‘More Crypto Online’ has predicted that the altcoin is poised for more decline. According to the analyst, Cardano is currently in its 3-wave corrective rally based on the Elliot Wave Theory, which consists of five waves – three bullish and two bearish. The analyst believes that since Cardano has only completed three waves so far, the fourth wave, a bearish wave, is yet to be established, leading to a further price breakdown.
Bullish Metrics Contradicting Analyst’s Prediction
Despite the bearish outlook presented by the analyst, major Cardano metrics continue to show bullish signs. For example, the daily trading volume of the altcoin has risen almost 17% in the last day to cross $286 million, indicating a renewed interest in the coin. This increase in trading volume suggests a potential for a bullish trend in the short term. Additionally, the fact that the price is currently on the rise implies that the majority of transactions are from buyers rather than sellers. If this demand is sustained, the price is likely to continue rising.
Potential Price Targets and Recovery
The analyst predicts that Cardano’s price might drop as low as $0.42 before recovering again. However, once the fourth wave is completed, it could pave the way for the most bullish wave, the fifth wave, which could propel the ADA price past $1. While the short-term outlook may seem bearish, there is potential for a significant recovery in the long run.
The future of Cardano remains uncertain, with conflicting predictions from different analysts. While ‘More Crypto Online’ expects a further price decline based on technical analysis, the current bullish metrics and trading volume suggest a potential for a short-term bullish trend. Investors are advised to conduct their own research and consider the risks involved before making any investment decisions in Cardano or any other cryptocurrency. The crypto market is highly volatile, and prices can fluctuate rapidly, so it is important to stay informed and make informed decisions.
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