Cryptocurrency analyst Credible Crypto shared that he expects a decline in the price of the leading altcoin Cardano (ADA).
The analyst stated that Cardano “doesn’t look great” in its current situation, which could be decisive on its future performance. In particular, he highlighted that although Cardano has corrected over 90% from its all-time high, it still faces the risk of further declines.
Taking into account Cardano’s technical indicators, Credible Crypto noted that the current price movement does not show signs of a stable recovery. He also noted that the cryptocurrency has not broken through key resistance levels to reach previous highs, which is worrisome for short-term optimism.
“There is a valid point of view, and I think there is a very high probability that we have not reached the bottom in Cardano,” the analyst said, noting that future price movements are uncertain. These uncertainties attract the attention of investors and raise questions about how Cardano will perform in the coming period.
According to the analyst, there is a high probability that Cardano will experience a decline of between 57% and 74% to achieve its downside targets.
“The idea is that we have probably peaked here (2024 high of $0.810) and may now be starting to break out to the downside. And if that’s the case, then we’re probably back below the green zone [0,33 dolar civarındaki fiyat] and then we go to these lows where we accumulate – there is a higher timeframe demand/support area in this cluster between $0.12 and $0.20. “And if we leave where we are now, it will be a downside target.”
NEWS CONTINUES BELOW
The popular altcoin is trading at $0.48 at the time of writing.
According to Credible Crypto, Cardano’s price trajectory going forward will largely depend on Bitcoin (BTC).
“All it takes is for Bitcoin to take another step back for something like Cardano to potentially have another decline and for that support to be lost and further bleeding to occur. At this stage, Bitcoin is going upside down, Cardano has already lost $0.40 (from its 2024 high – a drop of about 50 percent) and Bitcoin is only down 20 percent.”
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