Will Cardano Resurface Above $0.30 or Drop to $0.27?
Break Below Critical $0.30 Support: ADA's price broke this level following a descending triangle downtrend, with a 3.55% fall to $0.299 on August 2nd and a further 2.34% drop.
Bearish Breakout and Retest: The ADA coin price reverses from $0.289 for a retest after a bearish breakout, leading to a 4.12% growth in 48 hours and a new bearish phase.
Evening Star Pattern: This pattern at the retest leads to a 1.90% fall in ADA price, breaking below the 50 EMA in the 4-hour chart, but multiple bullish support levels limit the downfall.
Struggle at Key Levels: The post-retest bearish phase may struggle to continue at support levels of $0.289, $0.280, and $0.270.
Bullish Hope on Daily Chart: A retest of a falling wedge breakout and the support trendline provides a bounce-back opportunity, offering hope for the ADA price trend.
Risk of Prolonged Selling Spree: Selling below the support trendline or $0.29 could crash ADA's market value, testing bullish dominance at $0.280.
Potential Bullish Reversal: A reversal from the support trendline could help ADA resurface above $0.30, possibly driving the price to $0.325 this week.
Crossroads in Multiple Timeframes: The current situation presents a critical juncture for Cardano, with conflicting signals in different timeframes, making it essential for traders to closely monitor support and resistance levels for potential breakout or breakdown scenarios.