Cardano ADA's price ended its explosive moves on July 26, paving the way for a slow and consolidative uptrend. This move has allowed Cardano ADA to slice through a crucial resistance level, making way to the subsequent barrier.
While this development was tiresome, a pullback seems likely. Therefore, investors need to watch out for a retracement level to stable support levels.
Cardano ADA price pierced the July 12 swing high at $1.373 on July 26 but failed to hold above it. The price pullback from the failed attempt stemmed from a second upswing on August 1 that failed to close above $1.373.
After two failed tries, ADA has finally produced a 9-hour candlestick pattern close above $1.373, but it is unclear if this move will sustain. If the price bulls defend this level and propel ADA higher, the supply zone will be tested, ranging from $1.44 to $1.50.
The slow and steady uptrend suggests that the price momentum is vanishing. Therefore, investors can expect a pullback to either the 50% Fibonacci retracement level at a price of $1.304 or the $1.251 support level.
While things look a little bleak for Cardano's price, a decisive close above $1.495 would invalidate the bearish thesis and indicate the presence of bulls.
Such a move would open the possibility of a retest of the $1.61 resistance level.
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