Cardano (ADA) is trading at $0.6015, down 2% in the last 24 hours. Despite the recent price decrease, Cardano has shown significant growth on-chain, boasting over 5.4 million wallets, with more than 100,000 new wallets added in the last two months.
In just over six months, Cardano has seen an increase of over 400,000 new wallets and its 24-hour trading volume has exceeded $700 million. CoinMarketCap ranks Cardano’s community sentiment as the 7th most bullish, with over 81% positivity.
However, ADA’s recent price trend remains bearish, dropping by 13.4% in the past week from over $0.70 on June 12 to around $0.60 today.
Technical signals are mostly neutral to bearish with RSI close to oversold levels at 33.39, while MACD and Momentum are negative. CCI is the only indicator signaling a clear buying opportunity. The major moving averages, including the 10-day EMA ($0.6324) and 200-day EMA ($0.7097), are above the current price, indicating a strong downtrend.
The $0.60 level is critical support for Cardano, with the next major support at $0.57. A potential short-term bounce to $0.66 could happen if the support holds, but a sentiment change is necessary for a sustained recovery.
Cardano faces significant resistance between $0.75–$0.78, a level it has struggled to surpass in previous rallies. Reclaiming $0.62 and pushing towards $0.70 is essential to avoid further downside risks.
Despite the challenges, there are indications of a possible bullish reversal. Recent analysis suggests a potential triple bottom formation at current levels, a classic bullish pattern. ADA is also within a falling wedge pattern, which often leads to breakout movements. If ADA maintains this level and forms a strong bullish weekly candle, it could gather upward momentum. Key targets to observe are $1.00, $1.21, and $1.43.
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