Cardano price after an acute sell-off for a couple of days did attempt to flip the bearish divergence. However, after a substantial jump, the ADA price is currently experiencing a slight pullback. Yet the downtrend cannot be valid until certain levels are breached.
The asset is standing firmly above $2 at each sell-off and hence showcasing a strong tendency to sustain crashes. And hence the possibilities of a substantial uptrend appears to be at the higher end. An analyst, Roshan_Mel believes the asset has a huge potential to range towards $10 using the Elliott Wave concept.
The Elliott waves are the patterns where-in 5 waves move in a direction of the main trend. And the other 3 waves in the opposite which is consolidation. Currently, the ADA price chart has been completed with 4 waves within the uptrend and the 5th wave could uplift the price close to $6. Currently, the price is swinging along with the 5th wave and hence a new ATH could be fast approaching.
On the contrary, the Cardano price may also lose bullish momentum after peaking through the Elliott wave theory. And hence subsequently record 3 waves in the opposite direction which is the correction. However, the correction in the short term is pretty unlikely as to form the wave the ADA price took more than a year to form 4 waves.
Collectively, by the end of 2021, one can expect a good surge in Cardano price. Moreover, the much-awaited Cardano summit is on the horizon and many more announcements could lead the ADA price rally to the next level.
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