Cardano is there
The token traded at $0.6154 on Monday afternoon, extending its decline to 5.35% over the past 24 hours. After the end selloff began around 22:00 UTC around June 16, the tokens steadily declined. Despite a brief recovery attempt earlier in the meeting, the bearish structure remained intact until midday Tuesday.
As global macroeconomic conditions remain tense, corrections reflect broader risk behavior across digital assets. Trade disputes and currency tightening in major economies have added pressure to risk markets, reducing ADA and other large tokens.
Nevertheless, some technical analysts point to potential signs of reversal in the ADA structure. Before the meeting, a brief rebound from $0.622 to $0.626 formed a small upward tilt channel, and the price tested the band 0.624–$0.625 multiple times. This area has now become a potential pivot area, although it has gradually tapered and the volatility has narrowed.
With the ADA trading just above its daily low, the Bulls’ steady volume is about $0.615-0.620. Moving from the clear direction here may depend on the existence of the support area and the wider market conditions begin to recover.
Technical analysis highlights
- On June 16, UTC’s sharp decline began with UTC as ADA’s high volumes below the $0.650 support level.
- Multiple failed attempts to recover $0.630 create a new resistance band, around $0.640.
- The lower high point formed by each bounce confirms downward pressure throughout the period.
- With the number of these levels, the support zone develops between $0.620 and $0.622.
- Price entered a downward channel to lower highs and lower lows.
- The brief recovery from $0.622 to $0.626 creates an upwardly slanted microchannel in the increased amount.
- The resistance is $0.626, and the $0.624–$0.625 region acts as the pivot range during repeated tests.
- Recent candles show volatility and volume reduction, signal consolidation around local lows.
Disclaimer: Part of this article was generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and compliance Our standards. For more information, see Coindesk’s complete AI policy.
