Despite the recent recovery of Cardano from its April lows and maintaining momentum above $0.45, there are mixed sentiments about the future trajectory of the altcoin. While some analysts expect a rally, others, like ‘More Crypto Online’, predict further decline in the ADA price. The Elliot Wave Theory suggests that Cardano is currently in its 3-wave corrective rally, with the fourth wave yet to be established. This indicates a potential bearish trend ahead, with the price expected to go as low as $0.42 before recovering.
Although there is a bearish outlook presented by the crypto analyst, major Cardano metrics continue to show bullish divergence. The daily trading volume of the altcoin has risen almost 17% in the last day, crossing $286 million. This significant increase in trading volume indicates a renewed interest in Cardano, which could potentially lead to a bullish trend in the short term. The rising price of ADA at this time suggests that the majority of transactions are from buyers rather than sellers, indicating a possible continuation of the price increase if demand is sustained.
At the time of writing, ADA is still trading above $0.45, with a 1.78% increase in the last day. The altcoin has shown resilience in maintaining its price level despite the uncertainties in the market. This stability could be attributed to the increased trading volume and renewed interest in Cardano. The potential for a bullish trend in the short term is also supported by the current price movement of ADA.
The analysis of Cardano’s price movement presents a mixed outlook for the altcoin. While there are concerns about a potential price crash and further decline in value, bullish divergence in major metrics and increased trading volume suggest a possible bullish trend in the short term. Investors are advised to conduct their research and consider the risks associated with investing in Cardano before making any decisions. The future trajectory of ADA’s price will depend on various factors, including market sentiment, trading volume, and overall market conditions.
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