Cardano Price Prediction: Why the next drop will be a scoop and hold [Video]

Cardano price coils in triangular fashion throughout the summer
Bearish targets can be projected near the $0.25 price level.
Invalidation of the bearish thesis is a breach above

Cardano price hows the downtrend could finally be coming an end

Cardano price to $0.25

Cardano price auctions at $0.45 as the bulls are witnessing an uptick in momentum after the Vasil hardfork and Robinhood announcement. Despite the current hype the Cardano price still coils inside of a sideways range and has been since the beginning of the summer.

There a few factors confounding the possible decline. For one, the coiling triangle itself within a downtrend points to aa $0.25 bearish target based on Eliott Wave and classical price action techniques. Cardano price has shown an uptick in bearish volume during this summer.Additionally the Relative Strength Index shows bullish and bearish divergences which corroborates with the triangular technicals.

ADA USD

If the technicals are correct than the next 5 wave impulse from the anticipated triangle breakout will be a screaming buy. Triangle patterns are considered the last consolidative structure before a trend reversal occurs in the trading world.

Invalidation of bearish thesis is breach above $0;68. If the nulls can breach this level could induce a bull rally targeting $0.85 resulting in a 95% increase from the current Cardano price.

In the following video, our analysts deep dive into the price action of Cardano, analyzing key levels of interest in the market. -FXStreet Team

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.