The Cardano (ADA) price struggles to sustain increase
The Cardano (ADA) price experienced a sharp bounce on June 10, but it failed to maintain the upward momentum. This indicates that the overall trend is still bearish. If the price loses its current horizontal support level, it could trigger a significant sell-off and push the price to a new yearly low and beyond.
Key Points:
- ADA price rebounded by 39% between June 10 – 25 after reaching a new yearly low.
- The rebound created a long lower wick, indicating buying pressure and a potential shift in control from sellers to buyers.
- Despite the initial bounce, the ADA price has fallen again, approaching the $0.25 support area.
- The weekly Relative Strength Index (RSI) indicates a bearish reading, suggesting a downward trend.
- The wave count analysis also suggests that the ADA price will likely break down from the $0.25 support level and reach new lows.
Hot Take:
Although there was a temporary bounce in the ADA price, the overall trend remains bearish. The technical analysis, along with the wave count analysis, suggests that the price is likely to break down further. However, if the price manages to surpass the wave one low of $0.35, it could signal a continued bullish trend. Traders should monitor the $0.25 support level closely for confirmation of the price direction.
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