Cardano (ADA) Price Prediction for August 2

Cardano price has entered a critical phase as it trades at the apex of a long-term symmetrical triangle, with rising volatility and downside pressure dominating the short-term charts. Cardano price today is down over 13% on the week, slipping below $0.74 and testing lower support zones as bearish momentum takes hold.

What’s Happening With Cardano’s Price?

The weekly chart shows ADA pressing against the convergence point of a multi-year symmetrical triangle. Price failed to break the descending resistance from the 2021 all-time high and is now approaching the triangle support trendline near $0.68. The macro pattern is close to resolution, and the breakout direction could set the tone for the remainder of Q3.

On the daily chart, Cardano price action shows a clear Change of Character (CHoCH) after a breakdown from the July rally peak near $0.87. The price has entered a red supply zone, and Parabolic SAR dots remain above price, indicating that bears continue to control the momentum.

Why Cardano Price Going Down Today?

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