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Breaking: Cardano has dipped below $0.50, increasing the risk for a 50% correction

Breaking: Cardano has dipped below $0.50, increasing the risk for a 50% correction
FXStreet TeamFXStreet TeamFXStreet

Cardano dipped below the $0.50 support level over the past few hours. A decisive close below such a vital demand zone will put ADA at risk of a 50% correction toward $0.25. This pessimistic outlook derives from the formation of a bear pennant pattern on its 12-hour chart. 

Cardano price chart

ADA 12-hour chart

Cardano would have to claim $0.55 as support for a chance of invalidating the bearish thesis, which appears like a challenging tasks due to the low trading volumes in the cryptocurrency market. 

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