Cardano Price Analysis: Can $ADA Buyers Hold $0.24 Support As Market FUD Rises?

Cardano Price Analysis: The aggressive downfall in ADA price initiated during early June has started losing momentum. Over a week, the coin price showed no clear follow-up for a downside move and several short-bodied candles indicating weakness in selling pressure. Can the Cardano price approach to $0.24 support recuperate the bullish momentum or there’s more to price correction?

Also Read: Cardano Founder Finds Fault With Blackrock Bitcoin ETF

Cardano Price Daily Chart:

• With the overall market trend still bearish, the Cardano price is likely to plunge lower and retest the high accumulation zone of $0.24
• The ADA price may face heavy supply pressure at a downsloping trendline
• The intraday trading volume in the ADA coin is $140.3 Million, indicating a 28.9% gain

Source- Tradingview

On June 10th, the Cardano coin showed a long-tail rejection candle at $0.24 support indicating the active accumulation from buyers. After a minor pullback, the prices are reapproaching the aforementioned support to recuperate the bullish pressure.

By the press time, the ADA price trades at $0.258 with an intraday loss of 0.92%. The falling prices associated with decreasing volume indicate less conviction in sellers and a higher possibility for a bullish reversal.

Thus, the altcoin price could tumble 6.5% and retest the monthly support of $0.24. The Cardano price has a high possibility of giving a bullish reversal from support, which may offer a dip opportunity to interested traders.

Will Cardano Price Recover to $0.35?

A downsloping resistance trendline gives particular direction to the ongoing downtrend in ADA price. For the Cardano buyers to reclaim lost ground it needs to breach the overhead trendline to gain strong footing for further rally. A bullish breakout above the trendline will bolster a recovery rally above $0.35 

• Average Directional Index: The high value of the ADX slope reflects the instability of the current downturn and therefore a possible consolidation or recovery is possible.
• Exponential Moving Average: The 20-day EMA wavering near the $0.3 level increases the resistance strength of this barrier.