Cardano (ADA) has seen fresh price weakness, dropping below $0.90 over the last 24 hours. But according to technical analysts, the altcoin may still be poised for a strong move upward.
Crypto strategist Nick from Cheeky Crypto believes ADA is forming the final leg of a five-wave pattern and could surge toward $1.21 — as long as it maintains support around $0.78.
Currently trading at $0.82, ADA’s decline is being interpreted as a fourth-wave retracement. Nick warns that a break below $0.73 would invalidate the bullish setup, but remains optimistic as long as ADA stays above that key threshold. He also flagged a fair value gap between $0.78 and $0.79 as a crucial short-term support zone.
Meanwhile, broader crypto markets remain under pressure, likely influenced by recent signals from the European Central Bank. Bitcoin has remained relatively stable, down less than 1%, while altcoins like ADA and memecoins have faced heavier losses — suggesting a capital shift toward lower-risk assets.
Despite near-term weakness, sentiment around Cardano remains optimistic. Analysts such as Alex Becker see a path to $5 or more, particularly if Ethereum rallies past $4,500. Cardano’s fundamentals — including its status as one of the most energy-efficient blockchains — continue to attract long-term interest.
With steady ecosystem growth and market recovery potential, ADA’s ability to hold its support levels in the coming days could be critical in determining whether it begins its next leg higher or faces deeper consolidation.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/despite-drop-cardano-remains-a-bullish-bet-for-crypto-analysts/