Cheeky Crypto, a YouTube channel hosted by Nick, has raised concerns about the recent price trends of Cardano (ADA). According to Nick, technical analyses indicate that ADA is under significant downward pressure without any sign of an imminent recovery. In his latest video, Nick noted that ADA’s price has dropped by 50% over the past month, causing concern among users about the future of the Layer-1 Blockchain token. The decline occurred between March 14 and April 13, with ADA’s price falling from $0.810 to $0.401.
ADA Forms a Bearish Pattern
Continuing his analysis, Nick pointed out that the decline reflects a bearish pattern, making it difficult to expect a near-term recovery. The renowned cryptocurrency analyst stated that ADA has formed a classic bearish pattern, reaching a series of lower highs and lower lows. He also highlighted the absence of overlapping candlesticks on Cardano’s daily chart, emphasizing the downtrend for the altcoin.
In further analysis, Nick used Elliott Waves to suggest that ADA could fall even more. According to him, challenging the 1.618 Fibonacci level indicates that ADA’s current pullback is not just a retracement but also a directional change, leading to a downward trend.
What Are the Next Targets for Cryptocurrency ADA?
With the developing bearish trend, analyst Nick predicts that ADA’s next targets will be between $0.3574 and $0.3832. According to him, this will mark the occurrence of a downward 5 Wave movement as indicated by the Elliott Wave. At this point, ADA’s price will drop below the 1.618 Fibonacci level, and a more established bearish trend will emerge with increased downward pressure.
Nick’s analysis presents significantly lower targets for ADA, suggesting substantial losses for altcoin holders. However, this downturn could also present an opportunity for users. Accordingly, it could be considered an opportunity to accumulate the cryptocurrency and build larger positions ahead of a potential reversal.
Looking at the cryptocurrency ADA’s price, we see it has reached $0.46. If Bitcoin‘s price shows an upward movement, analyst Nick’s prediction might become invalid.
