Will Cardano Reach A $0.399 Low Anytime Soon?

Analysts from More Crypto Online speculate that Cardano (ADA) could soon set a low of $0.399 based on the current outlook.

The experts also considered the likelihood of ADA, whose majority of holders are currently at a loss, reaching a deeper low at $0.376. The analysts further state that if the price breached the $0.22 level, this would indicate a shift towards a more bearish outlook. However, this comes as analysts from Crypto Capital Ventures believe Cardano is gearing up for a bullish breakout.

However, the analyst highlighted that for this scenario to gain traction, ADA’s price must rally to a minimum of $0.568 and $0.598 for the third and fifth waves, respectively. They highlighted ADA’s critical resistance level at $0.523, coinciding with a 100% Fibonacci extension and a typical target for the fourth wave of the Elliott Wave sequence. They also underscored the 42.3 cents level as vital support for the B-wave pullback. According to the analysts, a drop below this could signify a downward trend continuation. 

According to another renowned analyst, Ali Martinez, Cardano’s current trajectory resembles the pattern observed from 2018 to 2021. He anticipates ADA consolidating in the $0.55 to $0.80 range in the current and coming weeks. The analyst said a surge to $1.70 would follow this. The expert further stated that after this upswing, we should expect a period of further consolidation, setting the stage for a price pump to $5 in the long run.

So far, #Cardano resembles the pattern observed from 2018 to 2021.

Should this fractal continue, anticipate $ADA to consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, expect a period of further consolidation, setting… pic.twitter.com/46LIp2hkMx

— Ali (@ali_charts) March 16, 2024

Cardano Price Review: How is ADA Looking Today?

Cardano charts display a ‘Rising Wedge’ pattern that is considered bearish. The wedge is followed by a downward breakout, which confirms the bearish pattern. The possible target for this pattern is the beginning of the formation, which in this case appears to be around $0.43. Looking at indicators, we notice that the MACD (Moving Average Convergence Divergence) is showing a bearish crossover, as the MACD line (blue) is crossing below the signal line (orange), supporting the downward trend.

4-hour ADA/USD Chart | Source: TradingView

On the other hand, the RSI (Relative Strength Index) is below the midpoint of 50 and heading downward, indicating bearish momentum. However, it is not yet in the oversold territory (below 30), which suggests there may still be room for the downward trend to continue before a potential reversal might occur due to oversold conditions. Looking at stats from CoinMarketCap the Cardano price stood at $0.4698 as of 12:03 a.m. UTC, representing a 5.64% decrease in valuation over the last day.