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One analyst notes upward momentum in ADA’s price but remains skeptical about a sustained uptrend, citing a lack of evidence in recent green candles. 
The cryptocurrency analyst behind More Crypto Online’s YouTube channel released a new analysis video on Dec. 19, updating his price outlook for Cardano (<a href="https://crypto.news/price/cardano/">ADA</a>) token. 
The report follows a recent <a href="https://crypto.news/cardano-is-becoming-bearish-analyst-explains/">analysis</a> by Austin Hilton suggesting that Cardano’s price action is tracking the overall crypto market weakness seen in Bitcoin. 
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 <div class="wp-block-embed__wrapper"> <iframe title="Cardano ADA Price News Today - Elliott Wave Technical Analysis and Price Now! Price Prediction!" width="1020" height="574" src="https://www.youtube.com/embed/JZKnQz3RQMk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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The analyst notes that ADA recently showed upward momentum with a “green candle” on the price chart. 
However, he says this does not necessarily indicate the start of a sustained uptrend. “I see no evidence they have tops,” the analyst says regarding the latest green candles. 
 You might also like: <a href="https://crypto.news/analyst-claims-bitcoin-is-about-to-dump-rally-is-over/"> Analyst claims Bitcoin is about to dump, rally is over </a> 
The More Crypto Online host lays out two potential short-term scenarios. In one short-term bullish scenario, ADA’s price forms an <a href="https://www.topstep.com/blog/trading-abc-patterns/" target="_blank" rel="noopener">ABC corrective pattern </a>after a preceding downtrend. This would involve the price bouncing to around $0.72 before likely resuming the downtrend per the analyst’s overall bearish outlook. 
In an alternative “short-term bearish scenario,” the analyst sees a more complex <a href="https://elliottwave-forecast.com/elliottwave/why-double-three-wxy-is-a-better-structure-to-trade-than-zigzag-abc/" target="_blank" rel="noopener">WXY pattern</a> playing out. This would result in the price dropping from current levels rather than rallying up to $0.72. 
Importantly, the analyst stresses that neither scenario changes his view that ADA remains in a larger-degree corrective fourth wave after the preceding <a href="https://crypto.news/why-did-the-crypto-market-drop-amid-the-bull-run/">bull run</a>. He is still anticipating lower prices over the medium term, potentially down to the $0.50 or $0.39 level. 
According to the analyst, traders should watch the 54.3 to 54.4 cent level as key support. A decisive break below this level would confirm the start of another downward leg. Until then, the short-term trend may tilt upward but remain choppy based on the ambiguous price structures. 
 Read more: <a href="https://crypto.news/crypto-analyst-stays-bullish-on-xrp-despite-downturn/"> Crypto analyst stays bullish on XRP despite downturn </a>

Analyst expects fall in Cardano price

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