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BTC price is pushing towards $39,600, seemingly willing to reach lower lows, with $38,500 potentially being the next stop. This period was like a dream for investors until the end of 2023 and the beginning of 2024, until Matriksport’s baseless ETF approval delay comment. After that, the ETF excitement waned and large sell-offs began, triggered by BTC’s failure to surpass $49,000.
Cardano (ADA)
After September 2023, ADA Coin price experienced a rapid increase on the weekly chart, and by December, it reached the year’s peak at $0.68. The price spent so much time below $0.4 and had so many failed attempts that this recovery created a festive mood among the popular altcoin’s investors.
However, those who sold below $0.4 and strengthened their resistance did not regret it much, as the price did not see any further increase. In fact, today it started targeting below $0.45 again.
While last year’s peak was happening, everyone believed that the long-term breakout would lead to greater gains. However, long upper wicks reflected the high interest in profit selling by those patiently waiting for the $0.4 resistance to be broken. Investors not expecting significant short- or medium-term gains sold their holdings. Indeed, Cardano is now facing tough competition as alternatives to smart contract platforms are increasing.
ADA Coin Price Prediction
The weekly RSI is approaching the neutral zone, showing a downtrend as BTC support is not reclaimed, and tomorrow’s PCE data seems unsettling, suggesting the continuation of ADA Coin’s price pullback. BTC rose very quickly, and one of the main concerns for investors is that losses exceeding $10,000 may not be enough for a price correction.
With GBTC outflows at impressive levels and the cumulative volume falling below $50 billion, the best option seems to be to sell and wait. They might not be wrong, but only time will tell.
According to the Elliott wave theory, the price is in the final stage of the A-B-C structure, and equating the first and last waves suggests a potential continuation of the decline to $0.41. The decreasing daily RSI also supports this approximate 13% drop.
However, if $0.5 is reclaimed, a rise back to the $0.62 resistance level could be seen.
