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12/19/2023

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Analyst expects fall in Cardano price

One analyst notes upward momentum in ADA’s price but remains skeptical about a sustained uptrend, citing a lack of evidence in recent green candles. The cryptocurrency analyst behind More Crypto Online’s...

Analyst expects fall in Cardano price
Analyst expects fall in Cardano price

One analyst notes upward momentum in ADA’s price but remains skeptical about a sustained uptrend, citing a lack of evidence in recent green candles.

The cryptocurrency analyst behind More Crypto Online’s YouTube channel released a new analysis video on Dec. 19, updating his price outlook for Cardano (ADA) token.

The report follows a recent analysis by Austin Hilton suggesting that Cardano’s price action is tracking the overall crypto market weakness seen in Bitcoin.

The analyst notes that ADA recently showed upward momentum with a “green candle” on the price chart.

However, he says this does not necessarily indicate the start of a sustained uptrend. “I see no evidence they have tops,” the analyst says regarding the latest green candles.

The More Crypto Online host lays out two potential short-term scenarios. In one short-term bullish scenario, ADA’s price forms an ABC corrective pattern after a preceding downtrend. This would involve the price bouncing to around $0.72 before likely resuming the downtrend per the analyst’s overall bearish outlook.

In an alternative “short-term bearish scenario,” the analyst sees a more complex WXY pattern playing out. This would result in the price dropping from current levels rather than rallying up to $0.72.

Importantly, the analyst stresses that neither scenario changes his view that ADA remains in a larger-degree corrective fourth wave after the preceding bull run. He is still anticipating lower prices over the medium term, potentially down to the $0.50 or $0.39 level.

According to the analyst, traders should watch the 54.3 to 54.4 cent level as key support. A decisive break below this level would confirm the start of another downward leg. Until then, the short-term trend may tilt upward but remain choppy based on the ambiguous price structures.

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ORIGINAL SOURCE

https://crypto.news/analyst-expects-fall...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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