【Market Observation: ADA】
Cardano (ADA) previously achieved an impressive 189% increase; however, after retreating from a high of $1.32, it is currently in a correction phase. From the 4-hour chart, ADA is consolidating within a descending triangle, which is a bearish pattern, indicating that its movement may lean towards weakness in the short term.
Yesterday, ADA faced resistance above $1.11 and failed to break through, further intensifying downward pressure. Its current trading price is $1.02 and remains below that resistance area, making it likely that Cardano will continue to move downward towards the support level of $0.90 at the bottom of the descending triangle.
This support area is extremely critical. Of course, if buying power enters at the $0.90 level, then ADA may experience a rebound.
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