Cardano (ADA) Might Catalyze 15% Correction if Bulls Fail to Dominate

  • ADA sees challenges reclaiming the $0.369 obstacle while the Relative Strength Index maintains its downward trend.
  • Cardano’s price might lose 15% to explore the support floor at $0.303.
  • Flipping resistance at $0.369 into support amidst soaring momentum will cancel the bearish tale.

Cardano price demonstrates ongoing struggles around an obstacle that previously acted as a dependable support. Failure to overpower this hurdle might catalyze trend reversals for the alternative token.

ADA at Wits’ End

The previous three weeks saw ADA price inflating by 54%, and the alt has tested the hurdle at $0.369 twice. Consequently, Cardano has formed equal peaks at this blockage, which might trigger two things:

  • A double top pattern triggers trend reversals and a 15% dip that retest the $0.303.
  • Or a slight upside to gather buy-stop liquidity beyond $0.369 before retracements toward $0.303.

Both possibilities are possible as the Relative Strength Index shows signals of a fading momentum. Assessing ADA’s price action for the past few months indicates that each local high emerged due to deteriorating momentum.

Thus, market participants should closely watch Cardano’s price, which paints a similar pattern. Past $0.303, the 62% ($0.288) and 70.5% ($0.277) retracement marks are lucrative zones for buyers to launch a comeback.

Meanwhile, weakened bearishness would see ADA bouncing near $0.321, enabling the Relative Strength Index to reset near the 50-midpoint. That development might see a 12hr candle closing past $0.369 to flip the mark into support will cancel the bearish tale. That might see ADA revisiting price levels at the obstacles of $0.403 & $0.441.