Recently, the price of Cardano (ADA) has fluctuated between $0.82 and $0.87. Analysts express concerns about a potential correction before the price begins to rise.
Market Situation Analysis
ADA holders are hopeful for a price recovery towards the $1 mark. However, analyst Ali Martinez warns that the price could first dip to $0.80. He emphasizes that short-term pullbacks are often a part of healthy dynamics before a larger move upwards.
Technical Chart Analysis
On the daily chart, ADA's price is forming a falling wedge, which is a bullish reversal pattern. Martinez highlights that this wedge is nearing a critical stage. Before a possible breakout, the price may retest the lower boundary of the wedge, just above $0.80, reinforcing support at that level.
Short-Term Prospects
The short-term outlook suggests that patience will be essential. A dip to $0.80 is expected but is not a sign of disaster. If the price holds at this mark and buyers regain control, a rise towards $0.90 and possibly $1.00 may occur. However, the levels of $0.88 and $0.92 remain significant resistance.
The support at the $0.80 level will be crucial for ADA's further price movement. Observing this mark will be significant for holders in the remaining month.
