Cardano Price Recovery Expected to Continue, Analyst Predicts Bullish Trend Towards $1
Cardano, one of the popular cryptocurrencies in the market, recently experienced a significant price crash over the last two weeks. However, with the overall market beginning to recover, ADA has started to show signs of a positive turnaround. Analysts are optimistic about the future of Cardano, with one crypto analyst, CobraVanguard, predicting a bullish continuation towards $1.
The recent price crash was part of an ABC wave, a pattern known for causing substantial dips in prices. The analyst pointed out that Cardano went through Wave A, dropping from $0.8 to $0.57, followed by Wave B, which saw a recovery to $0.68. The final wave, Wave C, led to a price crash from $0.77 to $0.4 before bouncing back up, indicating the completion of the ABC wave.
As the market sentiment shifts and the bulls take control, Cardano’s price has climbed back above $0.5. CobraVanguard believes that the altcoin has completed its corrective waves and is now poised for a bullish rally. The analyst highlighted various factors supporting this bullish outlook, including an ascending chart structure, a forming bullish wedge, and clear high-potential areas in the chart.
Looking ahead, the analyst predicts a possible jump to $0.77 in the first wave, with a retracement to $0.64 before continuing the uptrend. While maintaining a conservative stance, CobraVanguard sees the price potentially reaching around $1.09 in the near future. However, the analyst also warned that a breakdown of the wedge pattern could invalidate this analysis and lead to a decline in price.
Overall, Cardano’s price targets are looking promising as the altcoin shows signs of recovery and bullish momentum. Investors and traders will be closely monitoring the price movements to see if Cardano can reach the predicted targets and sustain its upward trajectory in the coming days.
Source: Tradingview.com
Featured image from CoinGape, chart from Tradingview.com
