ADA lost 10% in the past seven days but it looks like Cardano is ready for a rebound, looking indecisive across trading pairs. In the latest Cardano price news, it seems that the altcoin could start another breakdown if the immediate support fails to hold the pressure that is coming.
The key resistance levels for ADA are set at $0.085, $0.088, $0.0917 while the key support levels are set at $0.074, $0.0688, and $0.0631. After breaking the cut of the $0.091 channel earlier this month, Cardano dropped and started to suspend the short-term bullish sentiment. The trend is still considered positive in the mid-term perspective. After the pullback, the price is now trading close to the grey-marked area of $0.074 level which stops the bears for the past days now. at the same time, ADA looks ready for a rebound on the upper boundary channel that was broken in late May. The last consolidation over the past 72 hours suggests more volatility is coming which could sink the price further.
As ADA lost 10% in a week, can we consider it able to find support around the demand area again so it can rebound? Nonetheless, it trades around $0.078 with a small 0.08% loss since yesterday. While going for the next market development, there is a closer support of $0.074 around the grey demand area on the charts. The following support to look at is located at the white lines of $0.0688 and $0.0631 inside the channel. If a rebound is to happen, the closest resistance to watch out for is the $0.085 followed by the $0.088 before going further up. An increase above the price could see the bulls go to the $0.1 in the mid-term.
Since the previous analysis, Cardano continued to hold above the 777 SAT but its volatility remained insignificant for the past five days which indicates a low trading activity between the top 10 assets by market cap and top trading pairs as well. The current trading price is set at the 827 SAT with a slight decrease over the past day. Despite the decrease, the bullish trajectory is still valid on the charts as the price will have to fall below the providing support line before starting a short-term reversal. another thing to watch out for is the decreasing volume on the 4-hour chart which is important since the start of the month.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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