Cardano (ADA) has registered a significant price dip in the last 24 hours, but it is still a bullish choice among crypto investors. According to Nick, Crypto analyst at Cheeky Crypto, the ADA is gearing up for the fifth wave of movement, focusing on targets up to $1.21 if they have support of nearly $0.78. At the time of pressing, Altcoin is trading for $0.82.
Regarding the recent fall in ADA below $0.90, Nick calls it “a typical retracement,” and he has yet to see any signs of a breakdown. According to analysts, the ADA follows a clean five-wave pattern, with this recent drop looking like a fourth wave pullback. In that case, the fifth wave could rise next. The ADA will not fall below $0.73. That level of key. He also noted the fair value gap of around $0.78-0.79 as a key support zone.
Looking at the price drop, many altcoins have registered major price adjustments, while Bitcoin (BTC) is under 1% on daily and weekly charts. Investors may be able to realize their capital by separating Altcoins and Memecoins such as Dogecoin (Doge) and Cardano (ADA). The crypto market bearishness could also have been triggered by the European Monetary Policy Statement and the European Central Bank press conference. Therefore, ADA could drop even further in the coming days before things get better.
Despite the dip, the ADA has attracted the attention of not only Nick, but several crypto experts. The Cardano Ecosystem is steadily working to expand its operations. This blockchain is one of the most energy efficient chains today, using 50,000 times less energy than most blockchains in the world. With such bullish developments, experts like Alex Becker share how ADA can easily charge $5 this season if the Crypto market continues to grow in the coming months. “If Ethereum rises to $4,500 or $5,000, we’ll see the #Cardano $ADA reach $5.00 or $6.00,” writes Becker.
If Crypto Market’s powers help to align and stabilize tokens well through consistent adoption, the tokens could violate $1.20 and reach $5 more late than they could.