Cardano (ADA) Faces Potential Drop to $0.40, $1 Target in Jeopardy

Crypto analyst says the bottom of the ADA coin is still far and current metrics are not showing bull patterns. 

Cardano (ADA) is a popular Proof-of-Stake (PoS) blockchain network. This crypto blockchain was founded by Charles Hoskinson. The blockchain developer team behind this crypto project always remains engaged in innovative development works. 

On 5 April 2024, A Crypto YouTube channel “More Crypto Online” reported that the ADA coin is still very far from the bottom. 

YouTube crypto channel anchor said that Elliot Wave confirmed this bearish signal around the ADA coin.

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“We have seen only a 3-wave corrective rally. These are typically not bullish and ADA might break down or move sideway,” Anchor explained.

Furthermore, the anchor explained that if the ADA coin falls below the $0.48 level then it means that any hope for a price rise is no longer valid. In short, a downfall below the $0.48 level could lead to a significant downward movement, & in that situation, the trade price may plunge to $0.42.

The current trade price of ADA coin is $0.46 & this trade price is 25% down over the last 5 months period. 

#Cardano ADA price seems shying to go above the $0.5 level pic.twitter.com/c4omsOy0Zy

— Bitcoinik (@Bitcoinikdotcom) May 6, 2024

Cardano to partner with Bitcoin Cash (BCH) 

Just a couple of days ago, Cardano founder Charles Hoskinson proposed his idea to integrate Cardano with the Bitcoin Cash (BCH) blockchain network. 

So far he got 68% support from the Cardano community, which means there are still 32% of people who are not happy with this hypothetical plan.

Hypothetical Poll:

Would you like to see Bitcoin Cash become a Cardano Partnerchain upgraded with Useful Proof of Work Leios, NiPoPoWs, and Ergo tech, thus being the fastest and most useful proof of work chain ever built?

— Charles Hoskinson (@IOHK_Charles) May 4, 2024

Some crypto X (Twitter) users said that it’s really a great proposal by the Cardano team and if it will happen for true then surely it will bring some bull sentiment around ADA coin. 

Read also: Ripple CTO discloses new details around “Ripple stablecoin” 

Cardano (ADA) Faces Potential Drop to $0.40, $1 Target in Jeopardy

 

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