Cardano (ADA) Price Analysis: Upward Momentum, but Sustained Uptrend Uncertain
One cryptocurrency analyst has observed upward momentum in the price of Cardano (ADA), but remains skeptical about a sustained uptrend. The analyst notes the presence of a recent “green candle” on the price chart, indicating a temporary increase in price. However, the analyst emphasizes that this does not necessarily signify the start of a long-term upward trend.
Potential Short-Term Scenarios
The More Crypto Online analyst presents two potential short-term scenarios for ADA’s price. In one scenario, ADA forms an ABC corrective pattern after a previous downtrend, with the price bouncing to around $0.72 before resuming the overall bearish trend. Alternatively, the analyst envisions a more complex WXY pattern, resulting in a drop in price instead of rallying up to $0.72.
Medium-Term Outlook
The analyst maintains the view that ADA is currently in a larger-degree corrective fourth wave following a previous bull run. Therefore, they anticipate lower prices over the medium term, potentially reaching levels as low as $0.50 or $0.39.
Key Support Level and Trend
Traders should monitor the 54.3 to 54.4 cent level as crucial support for ADA’s price. A decisive break below this level would confirm the start of another downward movement. In the meantime, the short-term trend may exhibit upward movement but remain choppy due to ambiguous price structures.
Hot Take: ADA’s Price Faces Uncertainty Amidst Upward Momentum
The recent analysis highlights both upward momentum and skepticism regarding Cardano’s (ADA) price trend. While a temporary increase has been observed, the analyst questions the sustainability of this uptrend. With potential short-term scenarios and a medium-term outlook suggesting further downward movement, ADA’s price faces uncertainty in the coming days. Traders should closely monitor key support levels to determine the future direction of ADA’s price.
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