• The Cardano price is currently trending in an Elliott Wave pattern, with a potential for a major correction.
• If the bullish wave continues, the ADA could reach $0.5 over the next few weeks.
• However, if the bears take over, there is potential for a heavy plunge below $0.3 soon.
Cardano Price Analysis
Cardano has been gaining immense attention recently due to its rapidly growing network and robust fundamentals.
Elliott Wave Pattern
Elliott wave is an analysis to identify long-term price trend patterns considering changes in market sentiment. The ADA price trend appears to be forming an Elliott wave pattern which suggests that a major correction could be incoming.
Potential Price Action
The last cycle ended lower during the last few days of 2022 ignited a notable upswing ahead. The first wave (WAVE 1) ended at $0.281 and the pullback in WAVE 2 ended at 0.272. Further, the crypto extended higher in WAVE 3 towards $0.37 and woefully dipped in WAVE 4 which ended at $0.325.
Bulls vs Bears
The final leg ended WAVE 5 at $0.414 which accomplished WAVE 1 and initiated another similar wave pattern downwards from peak level again (WAVE 2). After rebounding off this pullback, WAVE 3 is expected to end at $0.407 followed by a lower price action with WAVE 4 ending at $0.403 before finally extending lower to $0.38.
At this point, it will be up to the bulls or bears as to whether or not Cardano will continue its current rally upwards or plunge below $0
