Crypto Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For ADA

Cardano
has
recovered
from
its
April
lows
and
continues
to
maintain
a
strong
momentum
above
$0.45.
This
has
prompted
expectations
that

the
altcoin
will
go
on
a
rally
from
here.
However,
not
everyone
shares
this
sentiment
as
one
crypto
analyst
expects
the
price
to
crash
further
from
here.

Cardano
Will
Crash
Back
Below
$0.45

In
the
latest

video
on
his
YouTube
channel
that
revolved
around
Cardano’s
future
trajectory,
crypto
analyst,
‘More
Crypto
Online’,
revealed
why
the

ADA
price
is
poised
for
more
decline.
The
analyst
pointed
out
that
the
altcoin
is
currently
in
its
3-wave
corrective
rally.

Now,
the

Elliot
Wave
Theory
which
is
being
referred
to
by
the
crypto
analyst
consists
of
five
waves.
Out
of
the
five,
three
are
bullish
and
two
are
bearish.
The
bullish
waves
involve
the
1,
3,
and
5,
with

2
and
4
being
bearish
waves.

If
the
analyst
is
correct
and
the

Cardano
price
has
only
completed
three
waves
so
far,
that
means
the
fourth
wave,
which
is
a
bearish
wave,
is
yet
to
be
established.
As
a
result,
the
crypto
analyst
believes
that
the
Cardano
price
will
further
break
down
as
it
enters
the
fourth
wave.

He
further
pointed
out
that
the
altcoin’s
price
had
fallen
below
the
$0.48
support,
which
was
an
important
level
for
it.
This,
coupled
with
the
fact
that
it
is
yet
to
enter
the
fourth
wave,
has
the
analyst
convinced
that
the
price
crash
is
far
from
over.

As
for
where
the
ADA
price
might
end
up
in
this
fourth
wave,
the
crypto
analyst
believes
it
will
go
as
low
as
$0.42
before
recovering
again.
However,
the
good
news
is
that
once
the
fourth
wave
is
completed,
it
gives
way
for
the
fifth
wave
to
begin,
which
is
the
most
bullish
of
all
the
waves
and
could
see
the

ADA
price
barrel
past
$1.

ADA
Metrics
Still
Bullish

Despite
the
bearish
outlook
presented
by
the
crypto
analyst,
major
Cardano
metrics
continue
to
show
bullish
divergence.
For
example,
the
daily
trading
volume
of

the
altcoin
has
risen
almost
17%
in
the
last
day
to
cross
$286
million,

data
from
CoinMarketCap
shows.

This

drastic
rise
in
daily
trading
volume
suggests
a
return
of
interest
in
the
altcoin
and
this
could
quickly
translate
to
a
bullish
trend,
especially
in
the
short
term.
Additionally,
the
fact
that
the
price
is
on
the
rise
at
this
time
suggests
that
the
majority
of
the
transactions
as
a
result
of
this
renewed
interest
is
from
buyers
rather
than
sellers.
This
suggests
that
the

price
will
continue
to
rise
if
this
demand
is
sustained.

At
the
time
of
writing,
ADA
is
still
sitting
firmly
above
$0.45,
with
a
1.78%
increase
in
the
last
day.

ADA price still above $0.45 | Source: ADAUSDT on Tradingview.com

Featured
image
from
Cardano
Feed,
chart
from
Tradingview.com

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