The best-case outcome for Cardano’s [ADA] price action could look like this

ambcrypto.com:

Cardano’s [ADA] price has been well under bearish control for a while now. Since falling below its EMA ribbons, the altcoin seems to have found renewed selling pressure. 

While this may be a sign of further downside moving forward, the current falling wedge setup held the potential for short-term gains. At press time, ADA was trading at $0.7937, up by 1.58% in the last 24 hours.

ADA Daily Chart

Source: TradingView, ADA/USDT

Since a take-off from its previous falling wedge breakout point, ADA saw an expected rally toward its six-month trendline resistance (white, dashed). This downslide put the alt back into the shackles of a falling wedge (white).

With sellers flooding at the $1.2-mark, the alt dropped by over 40% in the last month whilst poking its 14-month low on 30 April. As s result, the gap between the EMA ribbons is on a constant rise. This movement could rather slim the chances of an unrestrained breakout rally in the short term.

The Pitchfork has projected some vital price points for the investors/traders to look out for. A convincing close above the median (red) of Pitchfork would heighten the chances of a potential break from the falling wedge setup. In which case, the $0.85-$0.9 range could cause friction in the revival phase.

Rationale

Source: TradingView, ADA/USDT

ADA’s indicators presented a few threats in its endeavor to rise from the extended bear run. The RSI visibly defined a market structure in favor of sellers. A close above the 38-mark would be critical to reignite immediate recovery chances.

The OBV has depicted a weak picture on its daily chart. The lowered peaks alongside the flat support level revealed a gradual decrease in buying power over the last five days.

Conclusion

The 14-month support at the