Cryptocurrency markets are experiencing increased volatility, bringing new opportunities for altcoins like Cardano (ADA) to make moves. While short-term traders have profited recently, signs of potential price reversals are emerging.
ADA fell from an ascending support line in August, declining to its lowest levels this year before bouncing back above the $0.25 support. Despite the rebound, weekly and daily charts indicate a downward trend and risk of further declines, especially with Bitcoin struggling at $26,000.
However, the weekly chart shows ADA broke a long-term descending resistance line earlier this year, signaling the correction ended and a new bullish trend was starting. Though the expected upward move did not materialize and ADA was rejected at $0.45 resistance in April.
Weekly price predictions suggest ADA could reach $0.45 again with a 70% increase. But falling below $0.25 support could lead to a 40% decrease toward $0.15.
The daily chart also points to a bearish outlook based on price action and Elliott Wave patterns. This implies the overall trend is likely downward despite the recent corrective bounce.
In summary, $0.25 is the key level short-term. Closures below it could trigger a 40% decline, while $0.34 and $0.45 remain relevant upside targets.
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