Cardano's Path to Recovery: Breaking Resistance for New All-Time High
Cardano's price has been struggling to recover from its historic 2021 rally. The cryptocurrency, which reached an all-time high of $3.10 on September 2, 2021, has dropped significantly to around $0.20. Despite this decline, More Crypto Online believes that Cardano can still reach a new all-time high.
The channel argues that the current price drop could be part of a large wave 2 correction under Elliott Wave analysis. This would mean that ADA's price is currently in a B wave, and it has not yet reached its final bottom. The channel warns that another decline could take Cardano's price toward $0.09.
To reach a new all-time high, ADA must first break the major resistance near $0.52. This would require a clear 5-wave move from the eventual bottom, followed by a pullback and another strong upward reaction. If successful, this could open the path to Cardano's former record.