ADA/USD pair is snapping its four-day losing streak, attempting a minor price recovery on Saturday amid a sluggish tone seen across the crypto market.
Earlier this week, the fifth most widely traded cryptocurrency’s market capitalization of $49 billion surpassed that of the cryptocurrency exchange, Coinbase Global Inc., by $1.5 billion.
Cardano's price is down about 3% over the week, having risen 750% from the start of the year amid increased demand from millionaire investors.
As observed on Cardano’s daily chart, the ADA price has bounced off key support, although struggles to find a strong foothold above the 100-Daily Moving Average at $1.4242.
If the bulls succeed to extend the price recovery above the above level, a test of the falling trendline resistance level at $1.5107 will be inevitable.
A descending triangle pattern breakout will get validated on a daily closing above the latter, opening doors towards the 21-DMA at $1.5908.
The horizontal 50-DMA at a price of $1.6277 will immediately challenge the road to recovery.
On the flip side, a downside breakout from the triangle pattern will be confirmed on a decisive breach of the horizontal trendline support at $1.3743.
Sellers pressure will then gear up for a test of the $1.30 mark, with further weakness likely to recall the May 24 low of $1.2555.
The 14-day Relative Strength Index holds the bearish zone, still keeping the sellers’ hopes alive and kicking.
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