Cardano Price Dips 11% Over Eight Days, But Buyers May Be Waiting

Cardano's price has been on a downward trend for eight consecutive days, shedding 11.2% of its value since August 7th. This downtrend, however, may only be part of a retracement phase, according to technical analysis.

The recent losses were sparked by the failure of Cardano's bullish structure and Dijkstra era planning to push the altcoin's price higher. Despite this, the swing structure remained bullish, with another swing high at $0.211 set recently.

Fibonacci retracement levels indicate that the $0.165-$0.175 area is a potential golden pocket for buyers, between the 78.6% and 61.8% retracement levels. Cardano's price has already dipped below the 50% level, making it a more attractive buying opportunity.

Traders are advised to wait for the key Fibonacci retracement levels to be tested before entering the market. A turnaround in trading volume and buying pressure would indicate that the downtrend is ending.