Cardano has experienced a significant price reversal, dropping over 23% after reaching $0.6897 earlier this week. This downturn signifies a move into a technical bear market.
Despite the recent losses, some analysts are optimistic about Cardano's future prospects. They predict that Cardano could see a substantial price increase, potentially reaching $40.
This optimistic forecast is based on insights from Elliott Wave theory, which suggests that Cardano could be on the verge of a Wave 3 breakout, leading to significant gains.
