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<\/a> The Cardano coin has been in a correction phase since mid-July, showing a V-top reversal from $0.379. This downfall evaporated the entire gains of the June-July rally and plunged to a low of $0.283. As a result, the altcoin lost a market value of 36.5% before rebounding from the aforementioned low. Is this support enough to restore bullish momentum in ADA?<\/span><\/p>\n <\/p>\n Also Read: Cardano Debuts New Hydra Version, ADA Price Pump Incoming?<\/a><\/p>\n On August 17th, the ADA price<\/a> showed a long-tail rejection candle at $0.283 support reflecting the buyers\u2019 accumulation at a discounted price. The resulting reversal pushed the prices 12% higher and currently trading at $0.263.<\/span><\/p>\n With sustained buying, the coin price may rise higher and challenge the August 17th high of $0.2785. This candle associated with a huge surge in volume indicates a strong force from sellers to plunge the Cardano coin lower.<\/span><\/p>\n<\/blockquote>\n However, a breakout above this barrier will break the seller\u2019s weapon and give buyers additional confirmation for recovery. The post-breakout rally could surge the prices by 15%, hitting a downsloping resistance trendline.<\/span><\/p>\n <\/p>\n If the overall market trend remains bearish, the Cardano coin may face a bearish reversal from the $0.2785 resistance. The supply pressure could trigger a sideways trend above the $0.283 support. Under a pessimistic approach, a breakdown below the $x and $x barrier would trigger a massive correction in ADA price.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n
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\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\nCardano Daily Chart: Key Points<\/b><\/h2>\n
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![\"Cardano](\"https:\/\/s3.tradingview.com\/snapshots\/j\/JzUVeEuy.png\")
Source- Tradingview<\/span><\/p>\n\n
Can ADA Price Extend Correction Trend?<\/b><\/h2>\n
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