NewsletterCardano Price Analysis: $ADA Price to Face High Volatility Before an Explosive Move; Buy Now?
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?
Also Read: Cardano Price Prediction: Will ADA Token Make a Comeback? IOG Fires Back at the SEC
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,
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