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.
Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
