Cardano

Reversal

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/cardano-price-analysis-challenging-selling-signals-for-ada-price-heres-the-crucial-reversal-spot/">Cardano Price Analysis: Challenging Selling Signals For ADA Price, Here’s The Crucial Reversal Spot!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Following the downtrend descending triangle, the <a href="https://coinpedia.org/price-prediction/cardano-price-prediction/" rel="noopener noreferrer nofollow">ADA price</a> trend breaks below the crucial support level of $0.30. With a 3.55% drop on 2nd August, Cardano’s closing price reached $0.299, leading to a 2.34% drop the next day.&nbsp; 
Currently, the buyers have managed to halt the downtrend at $0.291 leading to a sideways trend in the 4-hour chart. Moreover, the RSI indicator shows a bullish divergence in the sideways trend.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh3.googleusercontent.com/GbmZrIwNUIu9qL8ct1k729vwCxtqwY15fEVUQj0LQ-BuBMEqpMfqTMKrKF9k4bQrFXiwIYC096JKVIzbre_iVUe7fe_dyjiLeEVH6Kwg8uMOlNtLoHUpmgq-euz14o4z1eYLziCgOi19l0NE-Q12YR0" alt=""> 
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Moreover, the ADA coin price action shows a falling wedge pattern in the daily chart as it breaks below the $0.30 mark. The price action shows the negative cycle turning into a sideways move for the past few days as it approaches the resistance trendline.&nbsp; 
The intraday trading volume struggles to rise in bearish pressure as the volume drops after sudden spikes. Hence, the declining trend in trading volume hints at a potential reversal.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh4.googleusercontent.com/hYzHcVBXVbACCf__a38grd6SSK6pJCYueJXd_BjVeWaM7Jd7IRxKZnt9buzhhdiV8ugoXvhdpo8I7Vclr1cis2BzbLSHe64DVra2WEbvLOAWVwtWep18TO1k-vqDa8jkBF91Be2IitXKJWicwfjbOec" alt=""> 
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The falling wedge controls the future price movement of Cardano. An uptrend is possible if the ADA price manages to close above the resistance trendline or $0.30. Traders can expect the reversal rally to reach the $0.42 mark.&nbsp; 
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 $0.281 and $0.260.

Cardano Price Analysis: Challenging Selling Signals For ADA Price, Here’s The Crucial Reversal Spot!

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