ADA Price Forecast: Cardano Faces Potential 20% Decline
ADA Price Dynamics: Cardano's Recent Surge
Cardano (ADA) has recently shown remarkable growth, achieving a 207.07% increase over the last thirty days. Currently trading at $1.10, ADA still remains far from its all-time high of $3.09. However, this growth may be in jeopardy.
Technical Analysis Flags Potential Correction
Expert analyst Ali Martinez warns that ADA may be on the verge of a steep decline. The formation of a rising wedge pattern since November 22 signals bearish momentum, with potential price targets as low as $0.88.
Key Indicators to Watch
- If ADA closes below $1.10, a reversal could be confirmed.
- A drop below $1.03 would validate a bearish breakout.
- Additionally, the TD Sequential indicator has issued a sell signal on the 3-day chart.
Despite this troubling appraisal, long-term sentiment remains optimistic, with potential price targets indicating further upside for Cardano.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.