Cardano heads down to a new low after making a yearly high of $0.09 because of the exhausted buying pressure as we are reading in the ADA price analysis today for our Cardano news.
ADA maintained the same trend across the trading pairs as the sellers took over the short-term. The price is now down by 4% and the key resistance levels are $0.085, $0.088, and $0.0917 while the key support levels are $0.074, $0.0688, $0.0613. The recent 30% increase in Cardano’s price seems to have exhausted the buyers after hitting the $0.0917 on June 4. The price looks bullish in the mid-term and is now down by 4.12% as ADA trades around $0.0814. As of now, Cardano changes the trend as sellers show gain control over the 4-hour charts.
This only suggests that a big move could be coming although the volatility is quite low right now. Technically, more sell action could play out once the price drops below the grey demand area and but another factor to consider is that the volume of the chart is also quite low. The bearish pressure will likely reach the grey demand zone of $0.074. Below this lies the $0.0688 support in the case as the price plunges further. Subsequent support is located at the $0.0631 inside the channel pattern which was broken on May 29.
If Cardano is able to find solid support on the channel close to the $0.070 level, another rebound can be anticipated in the mid-term perspective. However, Cardano heads down as it is holding a major resistance at the $0.088 and the $0.0917 support which is the new yearly high. However, the key level to watch is $0.085. The key resistance levels include the 900 SAT, the 947 SAT while the key support levels are set at 777 SAT and the 704 SAT. Cardano’s price against Bitcoin is losing momentum for a while but now the mid-term bullish trend is looking valid. The exhaustion at 947 SAT level inducted a major drop of 18% in the price over the past few days.
It is currently trading at 839 SAT after the slight recovery from the 815 SAT which was the daily low. The recovery is likely to reach the 900 SAT. Considering Bitcoin’s consideration on the movement for a few days now, there’s still hope for the bulls as soon as the largest cryptocurrency regains momentum and the buying pressure stabilizes. If BTC fails to show strength, Cardano’s short-term correction could last longer than expected until it finds a new bottom from the yearly high.
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