ADA Price Analysis: Can Cardano Resurface Above $0.30?
Summary
- ADA coin price broke below critical support level of $0.30 following the descending triangle downtrend.
- Multiple bullish support levels limit the possibility of ADA market value crashing.
- Bullish reversal from the support trendline can help the ADA price resurface above $0.30 mark.
Overview
The price of Cardano (ADA) recently broke below a critical support level of $0.30, following a descending triangle downtrend. On August 2nd, Cardano’s closing price dropped by 3.55% to $0.299, followed by a 2.34% decrease on the next day triggering a potential crash in its market value. However, multiple bullish support levels have limited this downfall possibility for ADA coin.
Descending Triangle Breakout
The bearish breakout of descending triangle caused Cardano’s prices to reverse from $0.289 for a retest with 4.12% growth in 48 hours leading to a new bearish phase in its market value. Following this retest, an evening star pattern was observed that pushed the ADA prices down by 1.90% below 50-day EMA in 4-hour chart; however, it is still supported at various levels like $0.289, $0.280 and $0.270, limiting its downfall risk significantly in short-term trading sessions..
Falling Wedge Retest
In daily chart of Cardano’s prices, there has been another retest post falling wedge breakout providing more hope for bulls as they are able to bounce back from support trendline which is keeping the prices afloat at crucial levels like $0.29 thereby avoiding any major crash situation anytime soon if selling pressure continues further down below these key supports levels..