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Cardano price is attempting a recovery rally on higher timeframes after a 35% fall from the July 12 high of $0.3793.
The odds still favor the downside and ADA could fall 5% to test the support floor at $0.2415.
Invalidation of the bearish outlook will occur once the altcoin records a three-day candlestick close above the $0.3082 level.
Cardano (ADA) price is attempting a recovery rally on the higher timeframes, recording three consecutive higher highs as indicated in the chart below. However, bulls must do more if the trend is to be sustained, with overhead pressure building up to cloud the token’s upward momentum.
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