The post ADA Price Analysis: With Crossroads in Multiple Timeframes, Will Cardano Resurface Above $0.30? appeared first on Coinpedia Fintech News
The price of ADA broke below the critical support level of $0.30, following the descending triangle downtrend. On August 2nd, Cardano’s closing price fell by 3.55% to $0.299, followed by a 2.34% drop the next day.
Giving a bearish breakout of a descending triangle, the ADA coin price reverses from $0.289 for a retest. With a 4.12% growth in 48 hours, the successful retest leads to a new bearish phase.
Following the evening star pattern at the retest, the ADA price falls by 1.90% and breaks below the 50 EMA in the 4-hour chart. However, multiple bullish support levels limit the downfall possibility in Cardano market value.
The post-retest bearish phase will struggle to continue at $0.289, $0.280, and $0.270.
The bulls provide more hope for the ADA price trend on a daily chart. With a retest of a falling wedge breakout, the support trendline in action provides a bounce-back opportunity.
However, a prolonged selling spree below the support trendline or $0.29 will crash the ADA market value. The downtrend will test the bullish dominance at the crucial support levels of $0.280.
On the flip side, a bullish reversal from the support trendline will help the ADA price resurface above the $0.30 mark. The breakout event can fuel a new buying frenzy in Cardano, driving ADA price to $0.325 this week.
