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Cardano, Terra Price Analysis: August 3, 2021

Cardano price begins trimming gains after failing to close the gap to $1.4.
Terra price lifts by more than 20% to trade at $15.

Cryptocurrencies across the board are grappling with intensifying overhead pressure. The gains-trimming exercise has been going on for a few days now. For instance, Bitcoin can barely hold above $38,000, although it exchanged hands at $42,500 on Sunday. Ethereum price is down 1.9% to trade at $2,500 while Ripple corrected from highs of $0.78 to the prevailing $0.71.
Cardano’s recovery from levels of around $1.05 aimed to close July above $1.4. However, the uptrend became increasingly challenging, especially after breaking above the ascending channel’s middle boundary.
At the time of writing, bears seem to be focused on slashing the gains accrued over the last 24 hours. Besides, ADA has lost tentative support at $1.35. As the correction proceeds, support is expected to come in handy at the 50 Simple Moving Average (SMA) on the four-hour chart nea

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