Cardano (ADA) is looking shaky, and one analyst predicts a potential price drop.
A Bloody 15% Drop?
A recent analysis on the 4-hour chart shows Cardano breaking below key support levels (Exponential Moving Averages or EMAs). Four consecutive down days have triggered a bearish outlook. The analyst, from SwallowAcademy on TradingView, warns of a possible 15% price drop.
Currently, there’s no immediate support level to cushion a fall. The closest support is around $0.83 (about 7% down from the current price). If that fails, the price could plummet further to $0.76 – a total 15% drop. The analyst ominously stated, “Eyes wide open here; it might get bloody.”
A Chance for a Rebound?
However, there’s a silver lining. A strong upward bounce above $0.98 could invalidate the bearish prediction. This would push Cardano back above the EMAs, signaling renewed bullish momentum. In this optimistic scenario, the price could surge past $1.02 and even reach $1.2 to $1.3 in the short term.
What’s Next for Cardano?
At the time of writing, Cardano is trading at $0.95, up slightly. The next few days are crucial. A 15% drop would be tough for ADA holders, but a break above $0.98 could see Cardano retest its highest price in over two years ($1.2) and potentially break through it. It’s a waiting game to see which scenario unfolds.
