Cardano Price Prediction: Final Crash Before Alt Season?
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Crypto analyst Quantum Ascend predicts a final downward leg for Cardano (ADA) before a resolution, potentially reaching the 0.786 Fibonacci retracement level, around $0.51. This bearish outlook stems from a five-wave Elliott pattern analysis. While the analyst acknowledges the possibility of ADA dropping further, he emphasizes that a break below $0.51 would signify structural damage. Currently trading at $0.6158, ADA has underperformed since early May, mirroring a broader market downturn. Despite the short-term bearishness, Quantum Ascend maintains a long-term bullish outlook, attributing the current situation to a necessary correction before the arrival of alt season. He advises against panic selling and suggests dollar-cost averaging for long-term holders, emphasizing patience and a focus on broader market catalysts, such as positive news or Bitcoin's price action. The analyst's conviction remains strong, dismissing concerns about major global events affecting Cardano's future. The key takeaway is that while a further price drop is possible, it's viewed as a final corrective move before a potential rebound. The $0.51 support level is critical, acting as a barometer for the overall health of the ADA price structure. The analyst encourages investors to maintain a long-term perspective and avoid being swayed by short-term market volatility. The prediction hinges on the convergence of technical analysis (Elliott Wave theory and Fibonacci retracements) and broader market sentiment.
(Source: https://www.newsbtc.com/news/cardano/how-low-can-cardano-go-final-crash/)
