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Cardano Summit 2023: Significant Announcements and Discussions Expected, Analyst Predicts Bearish Price Action in Short Term

HUGE CRASH COMING FOR CARDANO ADA?
HUGE CRASH COMING FOR CARDANO ADA?

In a recent “walk and talk” video, cryptocurrency analyst and trader Nick announced that he will be traveling to Dubai for the Cardano Summit 2023. Nick mentioned that there may be significant announcements and discussions at the summit, which could have a material impact on the price of Cardano (ADA).

Short-Term Bearishness Expected

However, Nick also expressed short-term bearishness for ADA, believing that the bottom is not yet in. They predicted further downside for the cryptocurrency, with a target range of 15 to 18 cents. This would represent a significant decline from the current price of $0.30.

ADA’s Price Action Correlated with Bitcoin

Nick attributed ADA’s price action to Bitcoin (BTC), suggesting that a major correction in BTC could affect ADA’s price. Nick explained that ADA has historically followed Bitcoin’s price movements, and that a significant decline in BTC would likely lead to a similar decline in ADA.

Long-Term Confidence in Cardano

Despite their short-term bearish outlook, Nick expressed long-term confidence in Cardano’s potential. They highlighted the growth of Cardano’s decentralized finance (DeFi) ecosystem, as well as the increasing number of dApps being built on the platform. Nick also noted that the total value locked in ADA is increasing when measured in ADA, indicating a reduction in the circulating supply.

Call to Action

Nick encouraged viewers to subscribe to the channel, tap the notification bell, and join their Discord for updates on the Cardano Summit 2023 and the latest cryptocurrency news and analysis.

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