Joao Wedson, CEO of Alphractal, shared insights on the current state of the cryptocurrency market, particularly highlighting Cardano (ADA) and the importance of a cautious approach.
Cautious Optimism for ADA
Wedson noted that the market may have reached a critical 'Alpha Price' zone at current levels, suggesting that a short-term correction is possible. However, he believes this decline could create new buying opportunities.
Corrections and New Opportunities
Specifically discussing Cardano, Wedson mentioned that ADA is currently in a distribution phase, which could provide a good entry opportunity in the short term. 'It’s possible that ADA will be trading well above $3 by the end of October or the beginning of November,' he added.
Growth Prospects in Q4
Wedson further pointed out that if Bitcoin breaks above the $119,300 level, a strong uptrend could begin in the market. 'Our average buy price for ADA is $0.2883. This is a solid position,' he noted, addressing buying strategies.
In conclusion, the future price movements of Cardano will depend on the overall state of the cryptocurrency market and Bitcoin's dynamics. Investors should remain vigilant.
