Cardano Faces Bearish Pressure That May Continue for Long – Analyst
- Nick has highlighted some of Cardano’s (ADA) challenges following its recent price trend.
- The renowned crypto analyst predicted ADA’s next target to be between $0.3574 and $0.3832.
- According to Nick, ADA faces significant bearish pressure without any signs of immediate recovery.
The Cheeky Crypto YouTube channel host Nick has highlighted some of Cardano’s (ADA) challenges following its recent price trend. According to Nick, technical analysis shows that ADA faces significant bearish pressure without any signs of immediate recovery.
In a recently uploaded video, Nick revealed that ADA’s price dropped by 50% in one month, leaving users worried about the future of the Layer-1 blockchain token. The drop happened between March 14 and April 13, when ADA fell from $0.810 to $0.401.
Meanwhile, Nick highlighted that the drop reflected a bearish pattern, making it difficult for users to expect a recovery soon. The renowned crypto analyst noted how ADA achieved a series of lower highs and lower lows to form a classic bearish pattern. He also noted the absence of an overlapping candlestick on Cardano’s daily chart, emphasizing why the trend remains bearish…
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