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ADA Cardano (ADA) fell 6% in 24 hours: healthy correction or short return?
Cardano's native tokens have risen rapidly in the past few days, but today (August 26) due to a slight correction in the overall market, its upward trend has been temporarily suspended. While most analysts remain optimistic about the asset, some believe its price could face a double-digit decline from current levels.
Long and short game
In the past two weeks, driven by factors such as the U.S. Treasury Department's announcement of monetary policy adjustments, the market has recovered, and the ADA has soared by 22%. The asset briefly touched above a three-month high of $0.25, but has seen a correction in the past 24 hours. As of press time, the ADA trading price was approximately US$0.21, a daily decline of 6%, becoming one of the currencies with the largest declines in the same period.
X user SBlockSpy pointed out that the token was blocked around US$0.22 and is currently closely monitoring the pullback trend. The user claimed that this trend indicated that sellers were active and predicted that if the sell-off continued, it could drop further to $0.164. At the same time, the analyst believes that if buyers make efforts here, it may trigger an initial rise to US$0.24 and a subsequent impact of US$0.30.
Rand Group also expressed its views recently. Earlier this week, the X user emphasized that the ADA had achieved a strong breakthrough, saying it had broken through the main downtrend resistance line. However, the user said he still had no interest in the asset until ADA firmly stood above the $0.25 resistance level.
On the other hand, More Crypto Online expressed doubts that a "B-wave" correction had begun, adding that as long as the ADA remained above US$0.157, upward momentum would remain, which could push prices into the US$0.314 -0.404 range.
Overall bullish forecast
It is worth noting that other well-known X users are firmly on the bullish side. Earlier this month, Lucky told its nearly 2 million fans that ADA was one of its "hot choices" and was expected to rise to nearly $0.50 in the short term. The last time the token reached this high was in November last year.
CW is another optimist. The analyst believes that ADA has broken through a major resistance line and turned into a bullish trend. "The long-term downward trend is over and the real bull market has begun," the analyst added.
