Cardano

<ul><li>Cardano faces a looming price plunge, as expert analysis points to bear market lows.</li><li>Complex nested wave patterns raise concerns about ADA&#39;s price movement and potential further declines.</li><li>The presence of lower highs and lows on daily and weekly charts highlight a sustained bearish trend for Cardano ADA.</li></ul>In the cryptocurrency world, the Cardano ADA community is bracing for a potential downturn as the digital asset navigates a turbulent sea of market fluctuations. A recent <a href="https://www.youtube.com/watch?v&#61;x6fzMzjxPDw" rel="noopener noreferrer nofollow">video </a>posted by Cheeky Crypto, a prominent crypto analytic channel, delves into the intricacies of Cardano&#39;s current situation and the ominous signs it&#39;s displaying.The host examined Cardano&#39;s hourly, daily, and weekly charts. While Cardano&#39;s recent journey saw a rise towards the 25.66 to 25.70 price range, the video highlighted a troubling trend. The cryptocurrency was gearing up for a downside swing, with the host citing the start of a potential sea wave.Delving deeper into the technical analysis, the host pointed out nested structures within Cardano&#39;s price action. These nested structures indicate that Cardano might not have completed its wave pattern, and there could be more downside potential. The video presented various Fibonacci levels as reference points, focusing on the 24.3159 level as a crucial trigger for the downward movement.The host placed strong emphasis on the significance of the 24.5496 level as a crucial target area for the third wave. Their analysis suggested that Cardano might potentially undergo a relief rally following the fourth wave, followed by a subsequent decline in the fifth wave. This intricate technical analysis aligns with the principles of Elliott Wave theory, providing a detailed and intricate view of Cardano&#39;s price dynamics.However, not all indicators were gloomy. The video mentioned a possible short-term relief rally between the 38.2 and 0.5 Fibonacci levels. Yet, this would be followed by a continuation of the downtrend in a fifth wave. The host didn&#39;t see Cardano crossing the 25.10 mark, as it would invalidate the downside structure.Read full article a<a href="https://cryptotale.org/chart-analysis-hints-at-cardanos-lower-lows-ada-faces-impending-bear-market/" rel="noopener noreferrer nofollow">t CryptoTale.</a>

Chart Analysis Hints at Cardano's Lower Lows: ADA Faces Impending Bear Market

CryptoTale

Other articles published on Sep 23, 2023

Nikola Stock Defends $1.00 Level; Will NKLA Stock Reach $2.00?

Ripple Ally v. SEC: New Key Date Emerges as Appeal Pushes Forward

Ethereum Scalability Limitations and Comparison to Other Blockchains

Stablecoin Giant Tether Surges in Lending Despite Pledged Phase-Out

LINK Stands Out and May Continue to Rise in the Next 24-48 Hours

XRP Set to Soar: Expert Forecasts $4.4 to $5 Price Surge

Join our free newsletter for daily crypto updates!