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Cardano Price Prediction: ADA creates bearish pattern, indicating a 21% drop
Since early September, the Cardano price has been unable to reverse its downward trend.
A fresh chart pattern shows that ADA will suffer greater losses.
Cardano must remain above $1.18 in order to avoid the pessimistic outlook.
Cardano’s price has failed to pique the interest of investors, as it continues to set lower highs. The current downward trend shows that ADA’s comeback will be difficult. The Ethereum killer is forming a chart pattern that indicates a bad outlook for the coin.
Cardano’s pricing reflects a bleak future.
On the 4-hour chart, Cardano is forming a descending triangle pattern as ADA has set lower highs. The prevailing technical pattern suggests a negative view, with a bearish aim of a 21% drop.
Investors should keep in mind that the price of Cardano may continue to bounce inside the current chart pattern before making a definitive move, slicing through the constraints of the triangle. If ADA falls below the bottom border of the ruling technical pattern at $1.18, the bulls may be looking at a 21% drop to $0.93.
Cardano price, on the other hand, may find immediate support around the 50 four-hour Simple Moving Average…
