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The latest Cardano news
ADA price technical analysis
Despite a slight increase last night, Cardano, like most other cryptocurrencies, is in the red this week. The ADA rate It has started to move in an increasingly narrow range in recent days, and the support is currently holding around $0.325. However, Crypto Insiders fear that ADA will continue its downward trend quickly, explaining in a recent analysis as follows:
“ADA unfortunately looks bearish at the moment. On the chart we see a bigger Elliott wave formation of 12345 forming in a downtrend, and the price is now in the fifth and final wave. This last wave might bring the price to the area around 161.8% Fibonacci or $0.246.
The ADA is currently still in what is called the hog territory. We do not recommend trading in this area, because it is not worth it based on the risk/reward calculation. It is wise to wait patiently for the price to reach the green buy zone.
When this moment follows, and how the price will continue after that, we will be sharing fresh analysis in our Premium environment for Crypto Insiders as soon as possible.”
Perhaps also an interesting analysis
Yesterday morning we published an article That analysts can read that too bearish about ripple (XRP). According to analysts, XRP is still declining significantly over the medium term. However, there is light at the end of the tunnel. After this fall, the price of XRP may start to rise again.
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