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<p class="is-style-lead">This analyst believes that Cardano’s price action is tracking the overall crypto market weakness seen in Bitcoin.</p> 
<p>An analyst behind the Austin Hilton YouTube channel, which covers cryptocurrency price analysis and predictions, outlined a bearish near-term outlook for Cardano (<a href="https://crypto.news/price/cardano/">ADA</a>) token in a video update published Dec. 15. The video is largely focused on what is known an <a href="https://www.investopedia.com/terms/e/elliottwavetheory.asp" target="_blank" rel="noopener">Elliot Wave analysis</a>. Elliott Wave Analysis in <a href="http://Elliott Wave Analysis in cryptocurrency is a technical analysis method that predicts future price movements by identifying repetitive wave patterns in market trends." target="_blank">cryptocurrency</a> is a technical analysis method that predicts future price movements by identifying repetitive wave patterns in market trends.</p> 
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<p>The analyst believes Cardano is currently unfolding wave C of a larger corrective pattern, following an incomplete wave B top. He notes that ADA is closely tracking overall market weakness, as Bitcoin has also started to fulfill a bearish scenario.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-may-peak-this-month-analyst-forecasts/"> Bitcoin may peak this month, analyst forecasts </a> </p> 
<p>While not fully confirmed yet, the analyst suggests ADA’s local top is likely in place already. </p> 
<p>However, he notes a break below the $0.54 level is still needed to solidify the start of wave C. Initial support is seen around $0.507, aligning with the 23.6% Fibonacci retracement level of the recent advance. Below, the analyst highlights the 38.2% level at $0.438 as the next area of expected support.</p> 
<p>Looking ahead, a prolonged and complex fourth wave is envisioned, possibly lasting several weeks. The analyst believes this wave could develop into a triangle consolidation or other complex pattern before an eventual fifth wave rally resumes. However, he cautions that the $0.345 level must hold to keep upside hopes intact long-term.</p> 
<p> Read more: <a href="https://crypto.news/analyst-gives-optimistic-outlook-on-dogecoin/"> Analyst gives optimistic outlook on Dogecoin </a> </p>

Cardano is becoming bearish: analyst explains

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