Published 2 hours ago
Cardano Price Analysis: Amidst the recent altcoin crash in the crypto market, the ADA price witnessed a dreadful freefall last week. From the peak of $0.379, the coin price tumbled 41.6% and reached a monthly low of $0.22. However, the buyers struck a swift counterattack and pushed the coin price above the $0.266 support. Is ADA price ready to kickstart a new recovery?
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Cardano Price Daily Chart
- The Cardano coin is currently in phase whether the excessive selling is getting countered by the buyers accumulated at a discounted price.
- The ADA price may fave heavy supply pressure at $0.3 and $0.323
- The intraday trading volume in the ADA coin is $336.5 Million, indicating a 19.6% gain
Source- Tradingview
On June 10th, the Cardano coin price witnessed a massive downfall, which showcased a breakdown attempt from the $0.24 support. However, this attempt was undermined by coin buyers immediately and pushed the prices above the $0.266 level.
However, over the past three days, the coin price has been trading sideways between the $0.3 and $0.266 marks. The indecisive candles displayed within the range suggest uncertainty among market participants.
However, after this aggressive downfall, a temporary recovery is reasonable to absorb the buying pressure building up on the discounted value of ADA price. Therefore, the coin price could see a minor relief rally to $0.3 or $0.324.
WIll Cardano Coin Reclaim $0.3 Mark?
With the overall market trend still bearish, the Cardano price is less likely to make an immediate recovery above $0.3. However, as mentioned, the price could witness a temporary bounce between the $0.3 and $0.324 mark to check their resistance strength after the recent breakdown.
- Relative Strength Index: The daily RSI slope wavering in the oversold region reflects an unhealthy amount of swelling which will be addressed by some buying pressure to manage a sustained trend.
- Exponential Moving Average: The 20-day EMA wavering at the $0.324 level increases the resistance strength if $0.24,
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
