Crypto Analyst Predicts ADA Price Crash To $0.34, Why Is Cardano Founder Bullish?
April 05 2024 - 10:00AM
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Cardano (ADA) is again in the spotlight as crypto analysts continue
to deliberate on its future trajectory. This time, crypto analyst
Alan Santana has laid out a bearish narrative for the crypto token,
which could cause its price to drop drastically. How ADA
Could Crash To $0.34 In his analysis, Santana stated that ADA’s
breakout below the $0.58 price level, which has acted as support
for the crypto token for five weeks, signals a bearish sentiment
toward it. In line with this, he suggested that ADA’s price could
further dip significantly even though it has already experienced a
30% decline from its recent price peak. Related Reading:
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The crypto analyst mentioned that a further price dip for ADA could
cause its price to drop between $0.4444 and $0.3450. However, this
isn’t necessarily bad for the crypto token as Santana revealed that
altcoins, which have in the past seen a 2x to 3x increase in their
prices, experienced corrections of such magnitude before
then. He added that before the end of their correction, all
these altcoins moved to test a price range between 0.618 and 0.786
Fibonacci retracement level. From the chart he shared, one can see
that the analyst stipulated that ADA could drop to as low as $0.34
because that is the price level for the 0.786 Fibonacci retracement
level. Source: Tradingview.com Furthermore, Santana
acknowledged that ADA could move higher from its current price
level but seemed skeptical because the crypto token has continued
to lag, making further price declines more feasible. He also
revealed that ADA’s weekly chart is producing a “break below the
EMA10 (Exponential Moving Average) with a very strong bearish
candle as the RSI (Relative Strength Index) turns red. “Once
support is found and established, we become bullish again,” the
analyst concluded. Cardano Founder Is Bullish On ADA
Cardano’s founder, Charles Hoskinson, sounded bullish on the
Cardano ecosystem in a recent X (formerly Twitter) post, stating
that “Cardano always wins.” Hoskinson’s statement came in response
to a poll to rank the best Layer-1 network. Hoskinson suggested
that the poll was already biased and that Cardano would surely come
out on top if it were a “fair vote.” Related Reading: Crypto
Analyst Says Bitcoin Hitting $100,000 In 2024 Is Inevitable, Here’s
Why Meanwhile, this occurrence again highlights Hoskinson’s
confidence in the Cardano network he founded. He once even compared
the network to Bitcoin, noting how it was growing organically like
the flagship blockchain. At different times, he also insinuated
that Cardano has real network value, unlike networks like Solana.
However, so far, Cardano’s network value has failed to positively
affect ADA’s price, which is undoubtedly a cause for concern among
ADA holders. At the time of writing, ADA is trading at around
$0.56, down over 2% in the last 24 hours, according to data from
CoinMarketCap. ADA drops down to $0.56 | Source: ADAUSDT on
Tradingview.com Featured image from Forbes, chart from
Tradingview.com
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