Cardano breaks trendline as it gets cheaper for BINANCE:ADAUSDT by TradeViewDemiGod

Cardano breaks trendline as it gets cheaper

On June 5, Cardano experienced a tumble below the uptrend line of the ascending triangle pattern, invalidating the previously bullish setup. The bulls attempted to buy the dip, but they were unable to push the price back inside the channel, indicating the bears' attempt to turn the uptrend line into resistance. The selling pressure continued on June 7, resulting in the bears dragging the price below $0.33.

As a result, the ADA/USDT pair could potentially decline towards the strong support level at $0.30. A positive sign would be a close inside the channel, suggesting that the break below the channel might have been a bear trap. Strong buying interest could emerge above $0.39.

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