Cardano Price Faces Strong Downtrend Amid Retracement Hopes

Cardano's price has been in a downtrend over the past eight days, with an 11.2% decline since August 7th. The altcoin made a bullish structure break on August 6th but soon slipped into a retracement phase.

The Fibonacci retracement levels highlighted the $0.165-$0.175 area as the golden pocket between the 78.6% and 61.8% retracement levels. Cardano's price was already below the 50% level, within a discount area.

As long as a daily trading session does not close below $0.153, a move back above $0.211 can be anticipated. Swing traders are advised to wait for the key Fibonacci retracement levels to be tested before buying.