
The Cardano price, with bullish predictions made by crypto experts recently, has failed to live up to expectations amid shifting market conditions. What ADA couldn't do in the long run might be pulled off by IntelMarkets' ongoing presale rally with a 29,000% growth potential. Analysts closely monitor this utility altcoin as it rushes to become the next big thing in the market.
The price of Cardano corrected alarmingly after its price action formed some key technical patterns in both the higher and the lower timeframes. The ADA has completed an ABC corrective wave on the 4-hour chart. The price of Cardano touched wave 'C' on February 3 at $0.51, slightly below the 0.786 Fibonacci retracement.
This implies a huge correction may be in place, forming a potential reversal zone for the Cardano price. Antecedent to this correction, ADA had an impulsive five-wave rally, culminating at $1.31 on December 3. Post correction, the Cardano price tried to recover but faced resistance around $0.81 - the 0.5 Fibonacci retracement.
The Cardano price is in an analysis that reveals a descending channel pattern, suggesting a possible breakout. It can confirm a trend shift if ADA clears the zone of $1.02-$1.13. However, failure to break above resistance could lead to prolonged consolidation or another leg downward. The RSI on the 4-hour chart has rebounded the Cardano price from the oversold territory, suggesting increasing bullish momentum.
In the 1-hour chart, a lower-degree Elliott Wave impulse pattern is underway, suggesting that the trend is about to flip upwards. Cardano's price is currently within a corrective wave at $0.72 after wave one had bounced from crucial support, having reached $0.81. The current structure often leads to an upward breakout.
If the pattern continues, ADA can trigger a wave three surge above the $0.93 level to hit $1.02, with a final extension possibility in wave five to hit $1.12. These levels coincide with the 0.382 and 0.236 Fibonacci retracements, hence forming zones of resistance for the Cardano price to be cautious about. But if ADA would not break the falling wedge structure, it might dump to $0.65.
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