ADA Technical Analysis: Bearish Clouds Over Cardano Breaks $1

The ADA coin price shows a rise in the underlying bearishness as the downfall breaks below $1 and a buying opportunity at discounted prices arises. Under the influence of a highly bearish resistance trendline, the ADA coin price breaks below the descending support trendline in the daily chart. Moreover, the fallout brings the breakout of the crucial psychological support of $1. Will this increasing bearishness drive the downtrend below $1? Key technical points: ADA coin price shows the breakout of $1. The coin price retests the fallout of the descending support trendline. The 24-hour trading volume in the Cardano token is $1.77 Billion, indicating a 30% fall. Past Performance of ADA ADA coin prices break below the falling wedge pattern under the influence of a high supply resistance trendline. Moreover, the breakout of the bearish continuation pattern marks the fallout of $1. Over the last 36 hours, the recent recovery projects a retest of the bearish breakout. Source-Tradingview ADA Technical Analysis The altcoin price action shows a head and shoulder pattern breakout with the descending support trendline acting as the neckline. Moreover, by calculating the distance between neckline and peak, the fallout hints at a downfall to the $0.45 mark. The crucial 50, 100, and 200-day EMAs showcase a bearish alignment with a negative slope. The EMAs can provide a dynamic barrier to keep bullish growth in check. The RSI Indicator reflec...