Cardano’s native token has been on a tear over the past several days, but its rally stalled today (August 26) as the broader market pulled back a bit.
While most analysts remain bullish on the asset, some believe a double-digit decline from the current levels could also be on the horizon.
Bulls vs. Bears
ADA has soared by 22% over the past two weeks, following the market’s revival prompted by the monetary changes announced by the US Treasury Department, among other factors.
At one point, the asset rocketed to a three-month high above $0.25, but the past 24 hours have delivered a correction. As of press time, ADA trades at around $0.21, representing a 6% decline on a daily scale and is among the biggest losers within that timeframe.
X user SBlockSpy noted that the token got rejected around $0.22 and is closely monitoring the pullback. They claimed that the move shows sellers are active and predicted a deeper downtrend to as low as $0.164 if the dump continues. At the same time, the analyst believes that if buyers step up here, they might trigger an initial surge to $0.24, then $0.30.
Rand Group also recently chipped in. Earlier this week, the X user highlighted ADA’s strong breakout, claiming it has breached the main downtrend resistance. However, they remain uninterested in the asset until it consolidates above the $0.25 resistance.
For their part, More Crypto Online cast doubt on whether a certain “B-wave” pullback has begun, adding that as long as ADA holds above $0.157, the upside momentum remains and could push the price to the $0.314-$0.404 range.
Entirely Optimistic Forecasts
It is important to note that other popular X users stand firmly on the bullish side. Earlier this month, Lucky told their nearly two million followers that ADA is among their “hot picks,” envisioning a short-term ascent to almost $0.50. The last time the token traded that high was in November last year.
CW is another optimist. The analyst opined that ADA has broken through a major resistance line and transitioned into a bullish trend.
“The long downtrend is over. The real bull market has begun,” they added.
The post Cardano (ADA) Slips 6% in 24 Hours: Healthy Correction or the Return of the Bears? appeared first on CryptoPotato.
Despite the retreat, ADA still ranks among the 20 largest cryptocurrencies. Crypto Bits, Crypto News, Cardano (ADA) Price
This articles is written by : Nermeen Nabil Khear Abdelmalak
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