Cardano price has entered a critical phase as it trades at the apex of a long-term symmetrical triangle, with rising volatility and downside pressure dominating the short-term charts. Cardano price today is down over 13% on the week, slipping below $0.74 and testing lower support zones as bearish momentum takes hold.
Cardano price has entered a critical phase as it trades at the apex of a long-term symmetrical triangle, with rising volatility and downside pressure dominating the short-term charts. Cardano price today is down over 13% on the week, slipping below $0.74 and testing lower support zones as bearish momentum takes hold.
The weekly chart shows ADA pressing against the convergence point of a multi-year symmetrical triangle. Price failed to break the descending resistance from the 2021 all-time high and is now approaching the triangle support trendline near $0.68. The macro pattern is close to resolution, and the breakout direction could set the tone for the remainder of Q3.
On the daily chart, Cardano price action shows a clear Change of Character (CHoCH) after a breakdown from the July rally peak near $0.87. The price has entered a red supply zone, and Parabolic SAR dots remain above price, indicating that bears continue to control the momentum.
The answer to why Cardano price going down today lies in both on-chain pressure and weakening technical structure. Spot data for August 1 shows a net outflow of $6.34 million, signaling ongoing selling interest and exchange-driven exits.
On the 4-hour timeframe, ADA broke below the Supertrend level at $0.78 and is now trading beneath the 20, 50, and 100 EMAs. This breakdown is accompanied by DMI confirmation, where -DI leads at 31.8 while +DI lags at just 9.6. The bearish alignment indicates strengthening downside trend.
The RSI on the 1-hour and 4-hour charts is sitting just below 31, with MACD histograms showing expanding bearish momentum. The Bollinger Bands have also widened to the downside, and ADA has fallen below the lower band, suggesting a volatility spike with no immediate support reclaim.
The 4-hour chart shows ADA consistently rejecting from the EMA cluster. Price is currently pinned below the 20 EMA ($0.76) and has broken below the lower Bollinger Band ($0.72), indicating bearish continuation. The 200 EMA sits near $0.74, and failure to reclaim this zone could accelerate losses toward the next key structure around $0.66.
Smart Money Concepts on the daily chart mark a recent BOS (Break of Structure) to the downside. The previous bullish BOS near $0.875 has now been invalidated by the current CHoCH, creating an imbalance zone between $0.66 and $0.69 that price may fill before reversal attempts occur.
Cardano price today is likely to remain under pressure unless buyers can reclaim $0.74 on strong volume. The immediate resistance lies at $0.76 followed by $0.78, while support zones are forming at $0.70 and $0.66. These levels coincide with Smart Money liquidity zones and prior structural bases.
If price remains below the EMA cluster, ADA could test the triangle support line near $0.68. A breakdown from this symmetrical triangle would open the path to $0.60 and even $0.53 over the coming weeks. Conversely, a sudden reclaim of $0.78 would flip Supertrend bullish again, setting the stage for a potential rally back to $0.84.
Until then, traders should remain cautious as the chart structure remains tilted in favor of sellers.
