This Analyst Believes Cardano’s Price Action Is Tracking Overall Crypto Market Weakness
An analyst from the Austin Hilton YouTube channel has provided a bearish outlook for Cardano’s ADA token. The analyst uses Elliott Wave analysis, a technical method that identifies repetitive wave patterns in market trends, to predict future price movements.
Unfolding Wave C and Tracking Market Weakness
The analyst suggests that Cardano is currently in wave C of a larger corrective pattern, following an incomplete wave B top. He notes that ADA’s price is closely aligned with the overall weakness seen in the crypto market, specifically Bitcoin.
Although not fully confirmed yet, the analyst believes that ADA’s local top has likely been reached. However, for confirmation, a break below the $0.54 level is needed. Initial support is expected around $0.507, with the next area of support at $0.438.
Prolonged Fourth Wave and Long-Term Upside Hopes
The analyst envisions a prolonged and complex fourth wave for ADA, which could last several weeks. This wave may develop into a triangle consolidation or another complex pattern before an eventual fifth wave rally resumes. However, to maintain long-term upside hopes, the $0.345 level must hold as support.
Hot Take: ADA Faces Bearish Near-Term Outlook
An analyst predicts a bearish near-term outlook for Cardano’s ADA token based on Elliott Wave analysis. The analyst believes ADA is currently in wave C of a larger corrective pattern and closely tracks overall market weakness observed in Bitcoin. A break below $0.54 would confirm the start of wave C, with initial support at $0.507 and further support at $0.438. Looking ahead, a prolonged fourth wave is expected, potentially forming a triangle consolidation. However, the $0.345 level must hold to maintain long-term upside hopes.
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