Cardano price anticipated to decline, predicts analyst
A cryptocurrency analyst from the More Crypto Online YouTube channel has released a new video analysis discussing the price outlook for Cardano’s ADA token. The analyst, Austin Hilton, suggests that the recent price action of Cardano is influenced by the overall weakness in the crypto market, especially Bitcoin.
Hilton observes that there has been some upward momentum in ADA’s price, as indicated by a “green candle” on the price chart. However, he remains skeptical about this being the start of a sustained uptrend. He explains that there is no evidence to suggest that the recent green candles mark a top for ADA’s price.
The analyst presents two potential short-term scenarios for ADA’s price. In the first scenario, which he considers bullish in the short term, ADA forms an ABC corrective pattern after a previous downtrend. This would result in a price bounce to around $0.72 before resuming the overall bearish outlook.
Alternatively, in the second scenario, which he sees as bearish in the short term, ADA follows a more complex WXY pattern. This would cause the price to drop from its current levels rather than rallying to $0.72.
Despite these short-term scenarios, Hilton emphasizes that his view remains unchanged. He believes that ADA is currently in a larger-degree corrective fourth wave after a previous bull run. He anticipates lower prices over the medium term, possibly reaching levels as low as $0.50 or $0.39.
The analyst highlights the importance of the 54.3 to 54.4 cent level as a key support to watch. If the price decisively breaks below this level, it would confirm the start of another downward movement. Until then, the short-term trend may show some upward movement but remain uncertain due to the ambiguous price structures.
In conclusion, the analyst’s analysis of ADA’s price suggests that while there has been some upward momentum, it is not enough to indicate a sustained uptrend. He presents two short-term scenarios, but overall, he maintains his view that ADA is in a corrective fourth wave and expects lower prices in the medium term. Traders should keep an eye on the key support level of 54.3 to 54.4 cents to assess the market direction.
