Upon reviewing the latest analysis video by the cryptocurrency analyst behind More Crypto Online’s YouTube channel, it is acknowledged that ADA’s price has shown signs of upward momentum. However, the analyst remains skeptical about the sustainability of this uptrend. The main reason behind this skepticism is the lack of evidence presented in the recent green candles on the price chart. The analyst expresses the view that these green candles do not indicate the start of a sustained uptrend. There is a need for more substantial evidence to support such a claim.
The More Crypto Online host presents two potential short-term scenarios for ADA’s price movement. In the first scenario, a short-term bullish trend may emerge, where ADA forms an ABC corrective pattern after a preceding downtrend. This would involve the price bouncing to around $0.72 before potentially resuming the overall bearish outlook. The analyst believes that this scenario is a possibility but does not guarantee the sustainability of the uptrend.
Alternatively, the analyst suggests a more complex WXY pattern playing out in a short-term bearish scenario. This pattern would result in the price dropping from its current levels instead of rallying up to $0.72. It is important to note that the analyst has consistently maintained the view that ADA is in a larger-degree corrective fourth wave following the previous bull run. Based on this perspective, lower prices over the medium term, potentially reaching levels such as $0.50 or $0.39, are anticipated.
Traders are advised to closely monitor the 54.3 to 54.4 cent level as key support, as stated by the analyst. A decisive break below this level would confirm the start of another downward leg in ADA’s price. Until this level is breached, the short-term trend may exhibit upward movement but remain choppy due to the ambiguous price structures witnessed.
While Cardano (ADA) has experienced upward momentum in its price, the sustainability of an uptrend remains uncertain. The lack of sufficient evidence backing the recent green candles raises doubts about a continued upward trajectory. The analyst highlights two potential short-term scenarios, including a bullish ABC corrective pattern and a bearish WXY pattern. However, it is crucial to remember that ADA is currently in a larger-degree corrective fourth wave, signaling the possibility of lower prices in the medium term. Traders should pay close attention to the key support level around 54.3 to 54.4 cents to gauge further price movements. Until then, the short-term trend may display a mix of upward and choppy price action, adding further uncertainty to ADA’s future.