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ADA/USD Over Seven Percent of Losses! What's Next???

BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
The currency pair has lost nearly seven percent on Thursday and this is one of the worst results from Top 20. ADA/USD is below the red midterm descending trend line meaning bears still have the control over the market. Midterm moods still bearish .
Alternative text: ADA/USD Hourly Fibo
The currency pair has recently jumped off 2. 618 retracement level targeting the red descending trend line on the Hourly chart. We had a bullish correction on Wednesday as expected, but buyers were unable to develop it above the red descending trend line . What can we expect from the currency pair in the nearest future?
1. Bullish correction scenario. It is in place already as the price is above 2. 618 retracement level. The closest target for the correction lies at the red midterm descending trend line . If buyers manage to cross it, they will target 1. 618 retracement level, which coincides with $0.2166 resistance area .
2. Bearish scenario. The currency pair will reach the red descending trend line and reverse downwards from there or start off declining from the current levels targeting new lows below 2. 618 retracement level.
Check the full crypto analysis HERE.
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