Bitcoin is trading at $51,300, and a portion of altcoins continue their sideways movement. Some have already reached new highs. However, popular cryptocurrencies like ADA Coin have not yet started the anticipated rally. The main reason could be that investors do not see a profit potential amidst BTC price fluctuations. But is this really the case?
Cardano (ADA)
ADA Coin’s price was at $0.58 at the time of writing. Weekly chart readings indicate that the price has finally closed above the horizontal resistance area for two consecutive weeks. These kinds of turns, though weak, contain important signals for a trend change and feed optimism in the medium term. Especially since ADA Coin reached prices of $3 during the bull run and surpassed its previous peak, it is not completely written off as an alternative.
Even though the short-term price movement indicates an uptrend, the weakening RSI points to potential downside risks. A similar outlook is present for BTC, but since the cumulative value chart looks fine, there may not be a cause for concern at the moment.
ADA Coin Price Prediction
Similar to the weekly chart, daily readings are also positive. Bulls broke out of the decreasing resistance line on February 8th and reached a peak of $0.64 by February 20th. Currently, the price is holding above the key $0.58 region.
Another encouraging detail on the daily chart is the Elliot Wave count. Here, a continuation of the upward movement is indicated. Elliot Wave counting, often used to determine trend direction and bottom/top levels, is famous for having predicted many major movements in advance.
According to the Elliot Wave count, ADA Coin’s price on the daily chart is preparing to complete the fifth wave. The target peak here is at $0.82. After reaching the predicted peak, a price correction should start, and profit-taking may bring the price back to where the jump began.
Aside from the bullish prediction, if we start seeing closures below $0.58, ADA Coin’s price could face sharp sales. In this scenario, the altcoin that rolls down before seeing the peak could target bottoms below $0.52.
Bitcoin‘s price performance will be extremely decisive in the direction of ADA Coin’s prediction, and closures above $50,400 are significant.
