Cardano's 8-Day Losing Streak May Be a Buying Opportunity

Cardano's recent price action has been dominated by losses, with the altcoin shedding 11.2% of its value since August 7th. The token had made a bullish structure break on August 6th, but soon slipped into a retracement phase.

The past eight days have seen Cardano trading in the red, and the $0.185-$0.190 local support zone has been ceded to the bears. Despite this, swing traders may be presented with a buying opportunity as the token inches closer to a value area for buyers.

According to Fibonacci retracement levels, the golden pocket between 78.6% and 61.8% lies at $0.165-$0.175. Cardano's price is already below the 50% level within a discount area, making it a potentially better buying opportunity for swing traders.

As long as a daily trading session does not close below $0.153, a move back above $0.211 can be anticipated.