ADA Forecast: What Lies Ahead for Cardano”
The daily timeframe signals a continuation of the upward trend for ADA, supported by price dynamics, Elliott Wave analysis, and RSI signals.
The most likely Elliott Wave analysis suggests that ADA has initiated the fifth and final wave of a five-wave bullish structure. The fourth wave concluded on January 8 with a strong rebound, pushing the price above the 0.382 Fibonacci correction level.
Despite Cardano still following a descending resistance line, the daily RSI has already made a bullish breakout of its trendline, often preceding upward movements.
Crypto analyst dApp analyst also anticipates ADA surpassing Bitcoin (BTC) in this cycle.
In the event of a breakthrough of this resistance line, the initial target level for forming the peak would be around $0.81 (1.61 external correction of the fourth wave), representing a 40% increase from the current price.
However, a dip below $0.50 would negate this bullish forecast and could lead to a 35% decline in ADA to the nearest support level at $0.38.
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