While July started bullishly for the cryptocurrency market, the second portion of the month was bearish. This is especially evident in the total market capitalization decrease ensuing after the July 13 yearly high.
While there is hope that a bullish reversal will begin in August, these four bearish cryptos have a negative outlook, indicating that the worst is yet to come.
Cardano (ADA) Fall Could Accelerate Due to Lost Support
The Cardano (ADA) price has followed an ascending support line since its yearly low of $0.22 on June 10. The increase was swift and culminated with a high of $0.38 on July 14. This amounted to an upward movement of 72% measuring from the yearly low.
However, the bearish crypto has fallen since. The decrease was catalyzed by a rejection from the $0.36 horizontal resistance area (red icon), which created a long upper wick.
The reason why the rejection is crucial is that it caused a breakdown from the…
