FX.co ★ Cardano confirms its breakdown

The ADA/USD increased a little in the short term which was natural after its last sell-off. The altcoin retested the immediate resistance levels and now it could go down again. Cardano increased by 6.33% from Wednesday's low of 0.300 to 0.319 today's high.

In the last 7 days, the altcoin is up by 1.99%. Bitcoin's rebound helped ADA/USD to rebound. BTC/USD's sell-off should push the altcoin down as well.

ADA/USD Retesting The Sellers!

As you can see on the H4 chart, the rate broke below the uptrend line announcing that the upwards movement ended.

The false breakout through the channel's upside line signaled exhausted buyers. Technically, the former low of 0.300 represents a downside obstacle.

ADA/USD Forecast!

Dropping and closing below 0.300 validates a downside continuation. This could bring new short opportunities.