Cardano (ADA) Price Recovery: Bullish Reversal or Relief Rally?

BeInCrypto
BeInCrypto

29 Jun 2023 10:00 AM

The Cardano (ADA) price shows bearish signs due to the failure to sustain a significant rally that began on June 10...

  • The Cardano (ADA) price experienced a sharp bounce on June 10 but failed to sustain it, indicating a bearish trend.
  • If ADA loses its current horizontal support level, it could trigger a massive sell-off and reach a new yearly low.
  • Technical analysis shows that ADA rebounded by 39% between June 10-25, reclaiming the $0.25 support area.
  • Despite the bounce, ADA has fallen again and is approaching the $0.25 area.
  • The weekly Relative Strength Index (RSI) suggests a bearish trend.
  • The wave count analysis indicates that ADA will eventually break down from the $0.25 support area, with a target of $0.17.
  • However, if ADA surpasses the wave one low of $0.35, the trend could still be bullish.

The sentiment of the article is predominantly bearish, as it suggests that the Cardano price is struggling to sustain an increase and is likely to break down from its current support level.

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You May Ask

What happened to the Cardano price on June 10?What could trigger a massive sell-off in ADA?What does the weekly Relative Strength Index (RSI) indicate?What is the target price if ADA breaks down from the $0.25 support area?What would indicate a bullish trend for ADA?

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