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General bearish sentiment for Cardano (ADA) The rally continues as analysts now expect a massive 33% rise. Price collapse For the altcoin. This pessimistic forecast comes at a time when ADA is gaining popularity. Struggling to gain traction in the marketwith its value remaining constant or steadily declining to lower levels.
Cardano (ADA) is heading towards a collapse
Compared to other prominent altcoins in the cryptocurrency market, Cardano has been underperforming.which is suffering from falling prices and slowing growth. As a result, the cryptocurrency analyst, known as “Financialfreedomgoals” on TradingView,, expected who The cryptocurrency is likely to see a drop of more than 30% to new lows.
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The analyst points to the broader negative state of the current cryptocurrency market, highlighting that most altcoins are stuck in a “bearish state.” He revealed that instead of Achieving new all-time highsThese currencies have recorded new lows, confirming that Continuous downtrend And low confidence among investors.
Cardano, in particular, had his share of Negative feelings and fluctuationsThe cryptocurrency has held steady below the 200-day exponential moving average (EMA) line, a key technical indicator that traders often use to gauge long-term trends. Typically, when the cryptocurrency price stays below this line, it tends to signal a continuation of the downtrend.
Given the present bearish market conditiona cryptocurrency analyst has dismissed the idea. The upcoming altcoin seasonMost cryptocurrencies, with the exception of Bitcoin, saw significant price gains.
On the daily timeframe, Cardano is trading below the 200 EMA line and the downtrend line. Initially, a rising wedge pattern formed on the cryptocurrency’s price chart, but instead of breaking out, Cardano saw a series of negative candles along with a bearish crossover on the Moving Average Convergence Divergence (MACD) indicator.
This series of negative indicators indicates that The bears may be on their way to tightening their grip. On the price of Cardano. As such, the cryptocurrency analyst expects ADA continues to fall To reach new lows at target areas: 0.2506 or 0.2197. These targets are calculated using Fibonacci retracement ratios 1.272 and 1.618.
Resistance at 0.3815 could lead to a sharp rise.
Despite maintaining a largely bearish stance on Cardano price predictions, Financialfreedomgoals noted that Potential upward shiftHe noted that an ADA price reversal could be possible if the cryptocurrency’s price manages to break above the major resistance at the 0.3815 Fibonacci level.
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Cryptocurrency analyst Sssebi shares more bullish predictions for Cardano. Highlights During the previous bull market, ADA increased in value by more than 100 times. As a result, the analyst said: ADA is believed to rise. Bitcoin has risen at least 20 times in value in the current market cycle, expressing greater confidence that the cryptocurrency will soon hit $5.
As of the time of writing, ADA price Bitcoin (BTC) is trading at $0.3576, reflecting a massive 11.39% increase over the past week, according to CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
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