In recent days, Cardano's price has struggled to hold above the $1.2 resistance level, with current indications suggesting a potential further correction.
ADA/USDT Chart
On the ADA/USDT pair, the price has been decreasing after another failed attempt to hold above the $1.2 resistance level. Currently, consolidation is occurring within a large falling wedge. Most likely, a retest of the lower boundary of this pattern will occur in the coming days. Nevertheless, as long as the price stays above the 200-day moving average, located around the $0.6 level, the overall trend can still be considered bullish.
ADA/BTC Chart
On the BTC paired chart, the price action is almost identical to that of the USDT pair. ADA is currently testing the 900 SAT support level and is on the verge of breaking it to the downside. This breakdown could result in a decline towards the 200-day moving average, around the 750 SAT mark. Considering that the RSI is also below 50%, the momentum is in favor of this bearish scenario.
The current market situation around Cardano demonstrates certain bearish signals on both presented charts. However, there remains hope for a trend stabilization as long as key support levels remain unbroken.
