A Crypto Analyst Predicts Sideways Trading for Cardano (ADA)
A crypto analyst from the More Crypto Online YouTube channel believes that Cardano (ADA) will continue to trade sideways in the short term. However, there is a possibility of a larger price move in the future.
Stuck in a Sideways Range
The analyst notes that ADA has been stuck in a sideways range under $0.65 for several weeks. The current price action suggests that ADA is forming either an Elliott Wave triangle pattern or a more complex corrective pattern.
Breakout Imminent
According to the analyst, ADA could be close to breaking out of its current triangular consolidation. However, it is uncertain which direction ADA will move in. An upside breakout above $0.65 could lead to further gains, while a downside break below support would open the door for declines.
Price Action and Long-Term Outlook
The analyst expects ADA’s price action to remain directionless until it resolves the triangle pattern. Despite this, they maintain a longer-term bullish outlook and anticipate an eventual fifth-wave rally after the current corrective period.
Watch Critical Chart Levels
Traders are advised to closely monitor critical chart levels in the coming days for a definitive signal on ADA’s major trend.
Hot Take: ADA’s Future Still Uncertain
The crypto analyst predicts that Cardano (ADA) will continue its sideways trading pattern in the short term. While there are indications of a potential breakout, it remains uncertain which direction ADA will move in. Traders should closely monitor key chart levels for a clearer signal on ADA’s major trend. Despite the current uncertainty, the analyst maintains a longer-term bullish outlook and expects an eventual rally. However, until ADA resolves its triangle pattern, its price action is likely to remain directionless.
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