Cardano Price Drops 14%: Can ADA Maintain Bullish Outlook Despite Downturn?
Cardano's price fell by 14% which was further than expected. Can ADA maintain its bullish outlook, despite the downfall?
Key Takeaways
- Cardano’s price has gone up 42% since its July 5 low.
- ADA struggled at $0.45 before plummeting 14%, threatening the bullish trend’s momentum.
- Cardano could rebound from its key support at $0.37.
On July 16, Cardano’s price surged to a high of $0.45, marking a 42% increase since its July 5 low. This rise resulted in a breakout above its 113-day correction and provided a signal of a commencing bullish phase
However, ADA’s price action has since been locked in a tight range, failing to breach the $0.45 resistance level. The anticipated corrective move ultimately materialized, resulting in a 14% decline. Although this downturn was expected, its magnitude has disrupted the previously projected bullish trajectory..
Cardano Price Analysis
Following its peak at $0.80 on March 14, Cardano’s price has been in a corrective phase. The downtrend was briefly interrupted by a 42% rebound between July 5 and July 16.
To validate a sustained uptrend, Cardano would need to surpass the $0.50 mark and form a higher low during a subsequent retracement, potentially paving the way for a rally toward $1.
However, instead of building on the bounce, the price broke out of the descending channel it had been in since July 16, leading to a decline. While this downturn was anticipated as part of a lower-degree wave count, it was expected to precede one final higher high before the uptrend concludes. Consequently, Cardano’s price action has introduced two possible scenarios for its future trajectory.
ADA Price Prediction
On the hourly chart, the price action has unfolded in three waves, followed by a breakdown below the descending channel. This development raises two possibilities: the upward move is corrective, potentially leading to another lower low, or it represents a five-wave impulse, with the decline from July 16 being the corrective second wave.
In either case, a further decline to at least the 0.618 Fibonacci level of $0.37 is anticipated. The price action at this level will be crucial in determining the future outlook. If $0.37 provides support and the price moves upward, Cardano could still initiate its next bullish phase, potentially leading to a higher high above $0.70.
Conversely, if the price breaks through the $0.37 area, another low may be on the horizon, with $0.24 being the next target.
Cardano Price Prediction 2025: ADA All-Time High Could Be in Sight
Cardano Releases First Chang Upgrade Support Node as ADA Price Eyes Upwards Breakout
