Cardano (ADA) Puts Pressure on $0.3 in a Developing Bullish Trend

Published 06/07/2023, 14:30
Updated 06/07/2023, 14:45
Cardano (ADA) Puts Pressure on $0.3 in a Developing Bullish Trend
ADA/USD
-

  • ADA is attempting a recovery after falling to a yearly low of $0.220 on June 12, 2023.
  • The price slump pushed ADA below significant support at $0.3.
  • Despite being rejected at the $0.3 price level, there is a significant development in ADA.

ADA, Cardano’s native cryptocurrency, is attempting a recovery after falling to a yearly low of $0.220 on June 12, 2023. The price slump pushed ADA below significant support at $0.3, flipping the level into the key resistance. However, a surge from the year’s low price returned the price to the resistance, with the price attempting to climb above it.

The ADA/USD 4-hour chart on TradingView provides a clear picture of ADA’s attempt to recover its bullish momentum by climbing above the $0.3 price. The price has tested the resistance at that price multiple times, and for each of the tests, ADA failed to break above $0.3.

ADA/USD 4-Hour Chart (Source: TradingView)

Despite being rejected at the $0.3 price level, there is a significant development in ADA. A closer look at the 4-hour chart shows that while ADA appears to trend sideways, it is printing a series of higher lows. Such price behavior indicates a growing momentum among the bulls. They are preventing ADA’s price from falling lower, dissipating the bearish pressure on the digital asset.

It also suggests a developing bullish sentiment piling pressure on the resistance at $0.3. Considering the relative free pass above this level, a break above could inspire an ADA price surge toward $0.35 and above.

Apart from the technical indicators, other developments around Cardano suggest the project could be entering a significantly bullish phase. One such development is the continued growth of the Cardano DeFi ecosystem. As per DeFiLlama, Cardano’s total value locked (TVL) is increasing. At the time of writing, its value stood at $166.2 million, having recovered from a drop to $130.51 million on June 11, 2023.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Cardano (ADA) Puts Pressure on $0.3 in a Developing Bullish Trend appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.