Cardano Price Prediction: ADA could slip to a two-month low if key level cracks

Cardano price is contained inside an ascending triangle pattern on the 12-hour chart.
ADA has lost a critical support level and could be on the verge of another drop.
Bulls must hold the last key support point to avoid another crash.

Cardano has been trading somewhat sideways for the past two months and established a massive resistance trendline around $1.5. The digital asset could be on the brink of a significant leg down if bulls can’t hold key support level.

Cardano momentum shifts in favor of the bears

On the 12-hour chart, Cardano established three tops at around $1.5 and has formed an ascending triangle pattern. The digital asset has also lost the 50 and 100 SMA support levels.

ADA/USD 12-hour chart

The most significant support trend line is located at $1.15. A 12-hour candlestick close below this point would be devastating and could drive ADA toward the 200 SMA at $0.94 and as low as $0.74, a price target calculated using the initial height of the pattern as a reference point

However, if bulls can hold the key support trend line, they could aim for a breakout of a symmetrical triangle pattern formed on the 1-hour chart

ADA/USD 1-hour chart

The resistance point here is formed at $1.24. A 1-hour candlestick close above this point has a price target of $1.41.

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