Cardano (ADA) Price Prediction: ADA Might Be in Trouble Despite Today's Pump – 22% Correction Incoming?

Following a very slow start to the week, the crypto market bounced back today, mainly because both BTC and ETH are up over 3.5%.

Cryptocurrency prices have been on a roller coaster ride this year, with some tokens, like Dogecoin, rallying over 10,000% and others, like Cardano, struggling to gain momentum.

Despite being one of the top 10 cryptocurrencies by market cap, ADA has only risen by about 3.5% in the past 24 hours. This increase is relatively small compared to other top altcoins, such as Shiba Inu, which surged by over 18% during the same time frame.

The slow price action of ADA has left many traders wondering what might be next for the token. Some believe that ADA is still forming a falling wedge pattern on the chart, which could indicate an impending breakout attempt.

If ADA breaks above the upper trendline of the wedge, a bullish breakout could be confirmed. The typical target for a breakout from a falling wedge is the height of the widest part of the wedge projected upward from the breakout point.

However, traders should also be aware of the bearish scenario. The measured move suggests a possible decline of about 21.86%, which could bring the price down to around $0.29-$0.30 if a breakdown occurs.

According to recent reports, the upcoming Chang hard fork on Cardano could have a significant impact on the price of ADA. The hard fork is expected to introduce several new features and capabilities to the Cardano blockchain.

Some traders believe that the anticipation and hype surrounding the Chang hard fork could contribute to a potential price surge for ADA. However, it's important to note that this is just speculation and the actual price movement may vary.

As always, traders should exercise caution and conduct their own research before making any trades.

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