In mid-July, Cardano (ADA) saw a severe fall beneath the long-term support at $0.06, which is now subjected the price actions in a falling wedge formation over the past six weeks of trading. As the bears take charge, the token is now losing momentum to the angle of the wedge along with a potential price surge.

The past few hours of the price drop has brought Cardano’s price close to the lower boundary of the wedge, indicating a positive move. Currently, the price of ADA is consolidating around $0.044 after recording a 6.81% loss. Buying pressure may bring the market back to the upper boundary before a further decline.

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**DISCLAIMER**: I am not a financial advisor nor am I giving financial advice. I am sharing my biased opinion based off speculation. You should not take my opinion as financial advice. You should always do your research before making any investment. You should also understand the risks of investing. This is all speculative based investing.

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Post Author: CoinCryptoNews