Cardano ADA - The worst altcoin! When next crash?
- You cannot make money on ADA at this moment, because the downtrend is extremely strong and it's going to be even worse later this year!
- Don't get me wrong, I think ADA is a great altcoin, but if you bought the top, you are too late for the party.
- The market structure is insanely bearish and we have a descending triangle on the daily chart that will break down with a high probability.
- ADA is going sideways from May 2022, and the buyers are simply not here at this moment. The price is making lower highs and now the price is being compressed in this triangle formation.
- Also, we have a massive broadening wedge, so you might want to wait for a breakout before enetering a long position, or you can catch the falling knife exactly at my support level, as you can see on the chart.
- My Elliott Wave analysis suggests we have an incomplete ABC structure and we should expect 2 more impulsive waves downward, so another 63% crash is definitely possible!
- The bears are in power and I would not play with them at all cost.
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