Cardano witnessed a sharp decrease, as the ADA price fell 11.7 % yesterday. This recent decline, in light of some important support areas that previously helped maintain its upper momentum.
According to the collapse of Nick Reagan on his YouTube channel, this decline was not completely unexpected. Last week, the declining structure was formed and warned against a possible correction. When Bitcoin started retreating, I pulled the Altcoin market with her, and Cardano was no exception.
The price of Cardano decreases to below support, as is the case in selling pressure fixtures
On the graph for 4 hours, Nick Reagan highlighted that Cardano broke the upward trend line and fell to less than $ 0.72. This level was a short -term base for bulls, but with its collapse now, the next main level to see is about $ 0.68. This is the area where the benefit of the previous buyer appeared. The most important is that red size candles grow, which usually indicate an increase in momentum on the sale side.
He also discovered the possibility that this step is part of ABC corrective structure. According to him, Wave A rose to $ 0.70, WAVE B witnessed a short bounce to $ 0.74, and the current wa wave C to ADA decreases. If this structure continues, we may see another batch to the upward trend after this dip. But if it collapses 0.68 dollars completely, this may turn into a much deeper downtown wave.
Despite the last weakness, Nick is still optimistic about Cardano’s expectations in 2025. Corrections have confirmed that these are part of the largest encryption cycle. As long as ADA does not decrease to less than $ 0.58, he believes the total emerging translator is intact. In fact, if this current step is merely a wave correction, ADA is still likely to gather about $ 3 or more in the next year.
Cardano’s technical signs mixed with merchant monitoring for clarity
The time frame for 4 hours is now ADA ADA trading under 200 EMA, a short -term tag. Nick explained that this can call merchants to consider short settings with a stop top of $ 0.74 and goals of approximately $ 0.66 or less. Momentum indicators like MACD Confirms the trend turning, with the MACD line crossing down the signal line and weakening the graph. At the same time, the random power index crossed for one hour from the excessive area of the peak, indicating a short -term reflection.
He also referred to a possible XY Correct structure on the daily chart. If this is completely operated, the Cardano price may slip to a range of $ 0.65 before real support is found. However, the story is not declining. In the daily time frame, 50 EMA approaches a cross over 200 EMA, a pattern known as the Golden Cross. Although it is usually seen as bullish, Nick reminded viewers that the golden crosses tend to be delayed and usually confirm moves after their occurrence.
It was $ 0.72 in a decisive level, as the bulls intervened over and over to defend it. Now that the price is less than that, the same level becomes resistant. Restore it may turn short -term feelings, but until then, the bears remain in control. He also pointed out that the declining difference may be on the relative strength index while the price was climbing, adding more warning signs.
About $ 0.68, there is what Nick called the “meeting zone” where the 200 EMA daily meets with a horizontal support level. This can provide a short -term opportunity if the right candles and size appear. If this happens and ADA climbs more than $ 0.74, then the next goal for oscillating trade will be $ 0.80 and possibly $ 0.94. It would complete the wave structure 1-2-3.
Also read: Can Sui Price Solana Wild 2021 nails in this bull run?
ADA’s long -term price targets are still up to $ 12
Despite the noise in short time frames, Nick Reagan sees long -term capabilities for Cardano. Using Elliott Wave theory, set a path where Ada can return to $ 3 in 2025. If the network and scales are improved on the chain, the price of Cardano may extend to $ 5 or $ 12 in the next few years. However, he warned that this is not a step overnight and will require patience.
The video concluded with some practical tips: Always use stop losses, avoid going to trading, and managing your risk.
Whether this is just a short -term correction or a deepest direction changes still should be seen, but at the present time, all eyes are on a $ 0.68 support area as a major test in ADA.
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