Cardano has seen 8 consecutive days of losses, with an 11.2% price decline since opening at $0.201 on August 7th. The local support zone between $0.185 and $0.190 has been ceded to the bears. Fibonacci retracement levels place the golden pocket between $0.165 and $0.175, while the price remains above the critical $0.153 level. Technical indicators on the 4-hour timeframe remain bearish, but the market structure suggests this downtrend is part of a retracement phase. As long as a daily session does not close below $0.153, a move back above $0.211 remains possible for swing traders.
Source: Read the original article
