Cardano Price Prediction: ADA at $0.25 might become the new norm

Cardano Price Prediction ADA at $0.25 might become the new norm

In Short

  • Cardano price waterfalls as an influx of volume are shown during the recent breach of $0.35.  
  • A pennant-like formation catalyzed the current decline while the RSI is now oversold, hinting Cardano is in Wave 3 of an overall downtrend.
  • Invalidation of the bearish thesis is a breach above $0.37.

Cardano price is experiencing extremely bearish market conditions. The technicals hint that a powerful wave 3 is underway. Countertrend scalping the pullbacks would be ill-advised.

Cardano price is falling fast

Cardano price is experiencing a mudslide during the third trading week of October. Since the start of the week, ADA, the self-proclaimed Ethereum killer token, has declined by 10%. The technicals suggest the decline is only the beginning of a much larger move south.

Cardano’s price currently auctions at $0.3419. The impulsive decline was prompted by a pennant-like. It is common for pennants to show up in developing Wave 3 trends. The Relative Strength Index also now breached oversold territory, which compounds the idea of a wave 3 in development.

ADA USDT 3-Hour Chart
ADA USDT 3-Hour Chart

The next bearish target is the $0.30 level. If the bulls do not step in to provide immediate support, a $0.25 price ADA will become the norm. Invalidation of the bearish outlook can occur if the bulls manage to take the Pennant’s origin point at $0.37.

If the invalidation level is tagged, ADA could recover some of this month’s losses. A plausible countertrend target would be the 21-day simple moving average at $0.40, resulting in an 18% increase from ADA’s current market value.

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.