- Cardano’s price has failed to mend the dominant downtrends since September started.
- A new ADA chart pattern indicates more upcoming losses for the alternative coin.
- Cardano has to hold a level beyond $1.18 to cancel the bearish picture.
Cardano (ADA) has failed to trigger investors’ enthusiasm as the alt registers lower highs. The current downward mode indicates challenging recoveries for the alternative asset. The ETH-killer starts to print a chart formation that displays a bearish prediction for the cryptocurrency.
Cardano Price Shows Pessimistic Forecast
The 4Hr price chart shows ADA creating a descending triangle formation. That comes as Cardano continued to record lower highs. The primary technical pattern reflects the downbeat mode, targeting a 21% bearish move to lower price zones.
Meanwhile, the alternative asset might continue bouncing inside the prevailing chart formation before ADA makes a decisive move, overpowering the triangle confines. If Cardano breaks beneath the governing technical pattern’s lower border at $1.18, bulls will face a 21% drop toward $0.93.
Nevertheless, ADA price might secure the nearest support at 50 4Hr Simple Moving Average at $1.35, then 21 4Hr SMA near $1.30, intersecting with 78.6% FIB retracement level.
If the alt loses the defense line, Cardano’s price might plummet lower, aiming at the 28 July low of $1.25, then 21 June low of $1.00. Only a colossal crash with a considerably increased sell order would have the digital coin attaining the bearish target of $0.93 – a level last witnessed on 22 April.
Nevertheless, ADA bulls can step up to reverse the projected scenario. If the altcoin needs to break beyond the triangle top boundary at $1.41, it will escape the downswings. That way, Cardano will encounter another resistance line at a 50% retracement level of $1.47, matching the 100 4Hr Simple Moving Average.
More obstacles might emerge around the 38.2% FIB retracement level near $1.53, then 23.6% FIB retracement zone at $1.62. After that, the alt will encounter an additional hurdle at 200 4Hr Simple Moving Average at $1.70.
For now, ADA bulls need to control the coin beyond $1.18 to cancel the bearish picture. Nevertheless, Cardano’s new chart pattern indicates more upcoming losses for the asset. You can share your views about the alt in the section below.
