ADA is painting a bearish continuation pattern on its longer-timeframe charts, raising its likelihood of undergoing a significant price crash by August. Can Cardano's July hard fork save the bulls?
) has started painting a bearish continuation pattern on its longer-timeframe charts, raising its likelihood of undergoing a major price crash by August.," the pattern forms when the price consolidates inside a range defined by a falling trendline resistance and rising trendline support after a strong move downside. Additionally, the consolidation moves accompany a decrease in trading volumes.
Bear pennants typically resolve after the price breaks below their trendline support and, as a rule, could fall by as much as the height of the previous big downtrend, called a"flagpole," as illustrated in the chart below.As a result, a decisive breakdown below ADA's bear pennant structure could mean extended declines to the level at length equal to the flagpole.
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