Sujit Kumar
Dec 2, 2024

Cardano (ADA) Shines in Altcoin Season but Faces Correction

ADA Shines
As Bitcoin struggles to maintain its momentum, trading at $95,546, altcoins are enjoying increased investor attention. Among them, Cardano (ADA) stands out, delivering a stellar 207% surge over the last 30 days. Currently trading at $1.10, ADA has climbed back into the top 10 cryptocurrencies and boasts a year-to-date (YTD) return of 84.74%.

Possible Correction Ahead for Cardano

Despite its bullish performance, Cardano may face a near-term correction. Trading expert Ali Martinez has identified a rising wedge pattern in ADA’s price charts, a bearish indicator suggesting a reversal. According to Martinez, if ADA closes below $1.10 and further breaks $1.03, a decline to $0.88—representing a 20% drop—could follow.

Additionally, the TD Sequential, a tool for spotting price reversals, has flashed a sell signal on ADA’s 3-day chart. While this hints at short-term turbulence, Martinez’s long-term outlook for Cardano remains optimistic.

Long-Term Prospects Stay Bullish

Looking beyond the potential correction, Martinez predicts ADA could reach a new all-time high of $6 between July and September 2025, marking a 445% rally. Whale activity in the Cardano ecosystem further supports this bullish sentiment, indicating confidence among major investors.

If the anticipated correction occurs, it could present an attractive entry point for long-term holders. As altcoin season continues, ADA’s performance exemplifies both the opportunities and challenges in navigating this dynamic market.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Cardano (ADA) Shines in Altcoin Season but Faces Correction
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.