Cardano Price Prediction: Why the next drop will be a scoop and hold [Video]

Cardano price coils in triangular fashion throughout the summer
Bearish targets can be projected near the $0.25 price level.
Invalidation of the bearish thesis is a breach above

Tony M.FXStreet Contributor

Cardano price hows the downtrend could finally be coming an end

Cardano price to $0.25

Cardano price auctions at $0.45 as the bulls are witnessing an uptick in momentum after the Vasil hardfork and Robinhood announcement. Despite the current hype the Cardano price still coils inside of a sideways range and has been since the beginning of the summer.

There a few factors confounding the possible decline. For one, the coiling triangle itself within a downtrend points to aa $0.25 bearish target based on Eliott Wave and classical price action techniques. Cardano price has shown an uptick in bearish volume during this summer.Additionally the Relative Strength Index shows bullish and bearish divergences which corroborates with the triangular technicals.

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If the technicals are correct than the next 5 wave impulse from the anticipated triangle breakout will be a screaming buy. Triangle patterns are considered the last consolidative structure before a trend reversal occurs in the trading world.

Invalidation of bearish thesis is breach above $0;68. If the nulls can breach this level could induce a bull rally targeting $0.85 resulting in a 95% increase from the current Cardano price.

In the following video, our analysts deep dive into the price action of Cardano, analyzing key levels of interest in the market. -FXStreet Team

Author

Tony M.

FXStreet Contributor

Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.