Is Cardano’s latest bounce just a false dawn? Three factors have implied that ADA’s fall is far from over. (Reporting via bitcoinwallah)
The pseudonymous analyst
that ADA could fall to the $0.30–$0.35 range next, given its possibility to paint the fifth and final wave of a bearish Elliott Wave setup, as shown in the chart below.The target range coincides with the support area from January 2021 that preceded a 850% bull run.Thirdly, Cardano has been breaking below its multi-month descending channel in another sign of weakness.
ADA has been trending lower inside a range defined by two falling, parallel trendlines, underscoring traders' current strategy of buying near the lower trendline and selling toward the upper trendline. But on May 12, ADA/USD broke down below the lower trendline near $0.568, showing that traders ignored the buying opportunity., leading to the price rebound, as discussed above. However, the trading volume backing the recovery move was lower than during the selloffs, indicating a weakening rebound trend.Simultaneously, the upside retracement move showed signs of further weakness after testing the descending channel's bottom as resistance — a way of confirming the breakdown.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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