The broader market has been trending lower for the past 24 hours. Bitcoin was down 0.78 percent, and Ethereum was down 2.48 percent. With a 9% increase, Avalanche remains the most successful.
On a consistent downtrend right now is ADA. The token has dipped approx 10% from the 7-day high achieved around the time its smart contracts functionality was added.
Currently making a Bullish case for ADA is popular analyst Micheal Van De Poppe. He says, prior to the September 12th “Alonzo” upgrade, which officially launched Cardano’s smart contract era, ADA had experienced significant price rises before entering a consolidation phase.
According to him, a “new impulse wave” for Cardano is only likely to commence after a period of sideways price movement.
“… what we’re seeing right now is that the price is going back towards equilibrium, towards the mean, having some consolidation before the new impulse wave can start.”
He further points out that the “very important support level” on the Cardano/Tether (ADA/USDT) chart is around the $2 price, where an impulse wave is likely to commence after a consolidation phase.
“…from here to $2, I think you can just DCA [Dollar Cost Average] and then you’re getting ready to watch the new impulse wave. So after every big move, we’ll be having some sort of consolidation.”
Also, the crypto analyst thinks the level to monitor as a probable entry point on the Cardano/Bitcoin (ADA/BTC) chart is around the 0.0000448 BTC ($2.14) price.
ADA to fall to $2?
Making a bearish prediction in the near term for ADA is analyst Justin Bennett. In a recent tweet he says, if the token fails to hold $2.30 as a clear daily close, a dip to $2 can be expected.
Moving further, he says that if the flagship crypto dips to $40,000, ADA will inche towards $1.65