The current price of Cardano is $0.8118 after a recent correction of over 12% from the $0.92 level. Despite this drop, the long-term technical setups remain unaffected.
Short-Term Pressure on Cardano Price
Today, the Cardano price has shown resilience after this week's sell-off, mirroring the broader weakness in the cryptocurrency market. The ADA price slipped more than 12% from $0.92 to $0.81, retreating from previous support near June highs. However, it has managed to stabilize on the 20-day Exponential Moving Average, which now serves as its short-term dynamic support. The 24-hour trading volume has decreased by 26% to $1.79 billion, indicating reduced participation from both buyers and sellers.
Long-Term Patterns and Reversal Opportunities
Encouraging from a technical standpoint is that despite the recent dip, the Cardano price today is maintaining a broader bullish structure on the daily chart. A falling wedge formation built after months of price decline from the $1.32 high has displayed a breakout in July, which is still intact and ongoing. Analyst JAVON⚡️MARKS highlights that this pattern mirrors setups from previous bullish cycles, and each of those historical patterns was followed by a rally.
Symmetrical Triangle and Potential Breakout Levels
Apart from the falling wedge, the daily chart showcases another pattern where the Cardano price is at the center of the symmetrical triangle. This triangle showed a breakdown in June, but the price re-entered the range, invalidating last month’s breakdown. The recent sell-off in ADA was also seen from this pattern’s upper boundary, showing its significance on the Cardano price chart. If ADA breaks out of this triangle in the coming weeks, the $1 mark could be the first significant level to test, potentially setting the stage for a broader uptrend.
The structural resilience of Cardano in July indicates possible positive triggers for August, which could support price increases and test the $1 level.
