cardano (ISLAND) price has been trying to deal with big problems lately. The ups and downs on the price chart make it difficult to validate a bear or bull market on the chart right now. But what is the expected target in ADA price? Will ADA be able to meet its $1.80 target?
Cardano (ADA) price witnessed a low daily close for the third day in a row. This drop in Cardano price has been a huge disappointment for both bulls and bears. The dips and rises were repeatedly rejected, and as a result, the contraction in price action continued.
When the ADA/USDT chart is examined, the price action continues to show a bearish trend and if it continues in this way, the low price levels that were caught before can be retested.
But what should investors pay attention to?
According to analysts, the ADA price chart has now caught a bearish trend, followed by an accelerated selling pressure on ADA. Cardano Tenkan-Sen is trading below Kijun-Sen, Senkou Span A and Senkou Span B.
In addition to all these analyses, Cardano price is also trading below the “bearish pennant”, which may even trigger the first close below the pennant since the formation of the pennant.
If the sellers can push Cardano price below the bearish pennant, then a push towards the 161.8% Fibonacci retracement at $1.80 looks very likely. If the $1.80 target fails to hold and the price is highly likely to drop below $1.70. Additionally, at the moment, the ADA “volume profile” continues to thin between $2.02 and $1.80.
Despite all the negatives experienced in the ADA price, investors should not lose hope because, according to analysts, although the situation shows a downward trend, we cannot see the superiority of the bears on the chart. This seems to have worried the bears as well and made them be more careful.
Despite this decrease in price, Cardano is interpreted as having the potential to easily reach its peers. On the other hand, the fact that the price action is “multi-directional” can also bring the rise, similar to the realization of the decline.
If Cardano price is looking to hit an all-time high, a close at $2.39 has great potential to do so.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.