The crypto space appears to have been following a jump for 2 days followed by a notable correction ahead. And hence the gains gained in the past 2 days are been extracted at once leaving the asset along with their initial positions. The Cardano price also is showcasing a similar trend by rejecting the trend line and plunging down. Therefore, the bull run of ADA price seems to be pretty misty currently as the current rejection was pretty massive.
The ADA price had slumped down and was swinging within the crucial support zone in between $1.03 to $1.18. After accumulating some strength by consolidating within this phase, the asset ranged high aiming to break the descending triangle pattern. But woefully, yet again the bears gained immense power suddenly and nullified the buying pressure.
The ADA price appears to have been following a similar trend once again yet with a huge difference. Previously, when the price followed a notable downtrend, the bears were rejected with a massive green candle which broke the downtrend during the next trading day. And later maintained a notable uptrend in order to head towards the ATH beyond $3.
But currently, the scenario is slightly different as the bears were not completely rejected but they remained calm for some moment. As the time approached to break the descending trend, the bears got aggravated and compelled the price to reject the upward trajectory. Currently, after the rejection, the ADA price may not enter the support levels again unless extreme conditions. But the uptrend remains delayed for another couple of days.
Source: https://coinpedia.org/price-analysis/cardanoada-price-gets-rejected-again/