Cardano’s ADA is currently experiencing a bearish trend, according to technical analysis conducted by Nick. The analysis suggests that ADA could move to the downside in the near future, with specific price targets and considerations based on technical patterns and indicators.
One-Hour Time Frame
On the one-hour time frame, ADA is currently in a three-wave structure with potential for correction. Nick suggests that a possible zigzag pattern could form, leading to a move to the downside.
Daily Time Frame
On the daily time frame, ADA is in a fifth wave move down, targeting the range between 21.4 and 22.8. Nick notes that overbought conditions and momentum indicators suggest a pullback is likely.
Weekly Time Frame
On the weekly time frame, ADA is in a potential bear market low in the range of 15 to 18.
Overall, Nick suggests that Cardano’s ADA is likely to experience a downward trend in the near future. Investors should be aware of this and take appropriate risk management measures.