The general mood of the bears for Cardano (ADA) continues to grow as analysts now predict a massive 33% enhance price collapse for altcoin. This cynical projection appears as ADA is fighting to gain popularity on the marketits value remains at the same level or systematically decreases to lower levels.

Cardano (ADA) crash is coming

Compared to other well-known altcoins in the cryptocurrency market, Cardano performed poorlystruggling with price declines and leisurely growth. In this regard, the crypto analyst, identified as “Financialfreedomgoals” on TradingView, Planned This Cryptocurrencies are likely to experience a decline of over 30%, reaching recent lows.

The analyst notes the broader negative state of the current cryptocurrency market, emphasizing that most altcoins are stuck in a “bearish rut.” He revealed that instead of reaching recent all-time recordsthese coins have reached recent lows, highlighting persistent downward trend and reduced investor confidence.

Cardano in particular contributed negative sentiment and volatilityThe cryptocurrency has consistently held below the 200-level exponential moving average (EMA) line, a key technical indicator that traders often apply to gauge long-term trends. Typically, when the cryptocurrency’s price holds below this line, it signals a continuation of the downtrend.

Considering the present bear market conditioncryptocurrency analyst rejected the idea upcoming altcoin seasonwhere most cryptocurrencies, excluding Bitcoin, saw significant price increases.

On the daily chart, Cardano is trading below the 200 EMA line and a bearish trendline. Initially, a rising wedge pattern formed on the cryptocurrency’s price chart, however, instead of breaking out, Cardano saw a series of negative candles next to a bearish crossover on the Moving Average Convergence Divergence (MACD).

This series of negative indicators suggests that bears can tighten their grip on the price of Cardano. In this regard, the cryptocurrency analyst predicts that ADA continues its decline to make recent lows at the target areas: 0.2506 or 0.2197. These targets are calculated using Fibonacci retracement factors of 1.272 and 1.618.

Resistance at 0.3815 could trigger a bullish rally

Despite maintaining a largely bearish stance on Cardano price predictions, Financialfreedomgoals suggested that potential bullish turnaroundHe suggested that an ADA price reversal could be possible if the cryptocurrency’s price manages to break above the key resistance at the 0.3815 Fibonacci level.

Cryptocurrency analyst Sssebi shares an even more confident outlook for Cardano. He overview of the most crucial events that during the previous bull market, ADA’s value increased by more than 100X. As a result, the analyst believes that ADA will mobilize at least 20 times in the current market cycle, expressing even greater confidence that the cryptocurrency will soon reach $5.

At the time of writing this text, ADA price According to CoinMarketCap, the stock is trading at $0.3576, which represents a significant enhance of 11.39% over the past week.

Featured image created with Dall.E, chart from Tradingview.com