The market briefly found some relief with a minor industry rebound, but both top cryptocurrencies and the entire crypto sector are struggling to maintain their prices above crucial support levels. Currently, the market is under bearish control, and the bulls are grappling to establish stability.
Cardano’s bulls are continuously struggling to keep the price above its support level. ADA’s price has retraced to 2023’s pre-surge levels, wiping out its year-to-date gains. The coin recently breached the descending triangle, dropping toward the $0.25 support level.
ADA’s price broke through multiple support levels at $0.2717 and $0.2542, leading to a consolidation range between $0.2542 and $0.2717. However, it later broke down at $0.2542, forming a bearish pattern.
Subsequently, the coin has continued within this pattern, establishing a new support level at $0.2381, and it appears to be heading towards testing it. Since mid-July, ADA has exhibited a pronounced bearish trend, declining from $0.378 to $0.25 levels.
The RSI levels have seen a slight increase, approaching the midpoint. However, Cardano has repeatedly failed to surpass the midpoint, remaining below it since August.
Conversely, the MACD has displayed flatlines since the beginning of the month, indicating weak buying and selling power and uncertainty regarding its future price action.
Can Cardano (ADA) Recover its Value?
The ADA price has been steadily declining due to the bulls struggling to maintain support levels. If the price fails to hold its current support level of $0.2381, it will succumb to significant bearish pressure and may test the crucial support level of $0.2198 in the upcoming week.
However, if Cardano’s bulls manage to regain momentum and push the price back to $0.2542, the coin will break out of the triangle pattern and position itself to challenge the upper resistance level of $0.2717 in the coming week.