\nA breakdown below the inverted flag pattern will plunge the ADA price for prolonged correction; time to sell?\t\t\t\t<\/p>\n
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For over a week, the Cardano price<\/a> has been experiencing significant fluctuations amid growing uncertainties in the crypto market. Although the price trend hasn\u2019t distinctly favored bulls or bears, it formed within two parallel trend lines, suggesting a bearish flag pattern. Notably, on August 10, ADA coin witnessed a considerable outflow, breaking past the flag pattern\u2019s lower trend line, signaling a potential continuation of the bearish trend.<\/span><\/p>\n <\/p>\n Also Read: Cardano (ADA) Developers Intensifies Work on P2P Functionalities<\/a><\/p>\n Earlier in today\u2019s trading session, ADA price registered an intraday loss of 4.5%. This sharp decline led to a substantial breach of the lower support trendline. Typically, such a breakdown would be expected to unleash the pent-up bearish momentum, further empowering the sellers.\u00a0<\/span><\/p>\n However, at the time of writing, the seven largest cryptocurrency price stands at $0.25, displaying a pronounced rejection at the lower levels, indicating buyers\u2019 resilience in defending this critical price point. Such buying activity hints at a retest phase, aiming to determine the capacity of the breached support to transform into a suitable resistance.\u00a0<\/span><\/p>\n<\/blockquote>\n If ADA price continues trading below the noted support-turned-resistance level, a further descent to $0.24 seems plausible, followed by $0.22.<\/span><\/p>\n <\/p>\n Despite the bearish flag pattern pointing towards a potentially extended downtrend for Cardano, the recently observed rejection candle injects a hint of doubt in the sellers\u2019 intentions. Should the upcoming retest result in a daily candle closing above $0.2534, thereby re-entering the confines of the flag pattern, it would undermine the bearish forecast. Such an outcome could signify a \u201cfalse breakdown,\u201d potentially propelling ADA to higher price zones.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/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>\nBearish Flag Breakdown Hints a Price Drop to $0.2<\/b><\/h2>\n
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Source- Tradingview<\/span><\/p>\n\n
Can Cardano Resume Bullish Recovery?<\/b><\/h2>\n
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