Cardano (ADA) Price Prediction: Crash to $0.75 or Rally to $0.9?
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Cardano (ADA) is showing conflicting signals, with some analysts predicting a short-term price crash while others maintain a bullish outlook. TradingView analyst SiDec forecasts a correction to around $0.75, based on Elliott Wave Theory, Fibonacci tools, and price action analysis. SiDec identifies a potential textbook ABC corrective pattern, with Wave C expected to conclude the retracement near $0.75. This prediction aligns with several technical indicators: the 50% Fibonacci retracement level ($0.7534), a prior resistance level ($0.746), a 1:1 ABC extension ($0.7492), the 21-day EMA ($0.7455), the 21-day SMA ($0.7347), the Point of Control (POC) near $0.7318, and the Volume Weighted Average Price (VWAP) and Pitchfork tool support within the $0.75 zone. Despite the bearish outlook, SiDec's chart also suggests a bullish bounce after the Wave C crash, potentially reaching $0.92. However, caution is advised as this level represents significant resistance and a prior liquidity zone that could lead to rejection. The analyst emphasizes that a favorable risk-to-reward ratio will only exist after confirmation, such as an SFP, bearish engulfing candle, or visible divergence. In summary, while a price drop to $0.75 is considered likely in the short term, the longer-term trend could still favor a rise towards $0.92 if the $0.75 support holds. The current trading price of $0.78 sits precariously between these potential outcomes.
(Source: https://www.newsbtc.com/news/cardano/cardano-crash-is-coming/)
