Cardano (ADA) isn’t having the best day, dipping below $0.80 with a 3.7% slide.
But some analysts argue this decline may be the calm before a storm—of the bullish kind.
One trader, known as Crypto King, sees a promising setup on the chart. ADA’s price is coiling within a symmetrical triangle, a formation often signaling an explosive move once the range breaks. If buying pressure kicks in, he expects a sharp rally toward $1.60.
Supporting the case for a bounce is the recent cooling in market leverage. Over $6 million in long positions have been flushed out in the past 48 hours, easing pressure and clearing space for a healthier price run.
Meanwhile, founder Charles Hoskinson remains optimistic about ADA’s potential to eventually surpass Bitcoin’s performance, even as the token struggles short-term.
While momentum is uncertain, technical signals and on-chain shifts suggest Cardano’s next move could be much stronger than today’s price would suggest.
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/cardano-faces-turbulence-but-bulls-still-see-a-breakout-ahead/