Cardano

Future

Glimpse

Following the Securities and Exchange Commission&#8217;s (SEC) restrictive classification as a security, <a href="https://en.coin-turk.com/cardanos-harsh-freefall-amidst-altcoin-market-crash-whats-next/" data-wpel-link="internal">Cardano</a>&#8216;s <a href="https://en.coin-turk.com/cardano-ada-clings-to-crucial-support-a-glimpse-into-the-future-price/" data-wpel-link="internal">ADA</a>, under heavy selling pressure, continues to operate above its firm support at $0.24. The popular altcoin has seen a string of short-bodied and high-wicked candles over the last six days, indicating uncertainty among market participants. 
<h2 style="text-align: justify" id="cardano-price-analysis">Cardano Price Analysis</h2>
Cardano made contact with its $0.24 support on June 10, producing a long tail rejection candle. The buying pressure that followed the significant sell-off primarily stemmed from investors accumulating at discounted prices. Consequently, the ongoing bearish trend coupled with the accumulation evident in the demand from buyers, has resulted in ADA&#8216;s price moving sideways. If the selling pressure continues to escalate, the price could plunge another 8%, leading to a revisit of the $0.24 support. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-85170 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/ada-7.png" alt="" width="1990" height="1126" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/ada-7.png 1990w, https://en.coin-turk.com/wp-content/uploads/2023/06/ada-7-300x170.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/ada-7-768x435.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/ada-7-1536x869.png 1536w, https://en.coin-turk.com/wp-content/uploads/2023/06/ada-7-1200x679.png 1200w, https://en.coin-turk.com/wp-content/uploads/2023/06/ada-7-108x62.png 108w, https://en.coin-turk.com/wp-content/uploads/2023/06/ada-7-264x150.png 264w, https://en.coin-turk.com/wp-content/uploads/2023/06/ada-7-255x144.png 255w" sizes="(max-width: 1990px) 100vw, 1990px" />
A re-test at such a critical support level could potentially provide additional validation for a relief rally in Cardano. However, such a rally may be limited by the descending trend line that has consistently been causing a downturn on the daily price chart over the last two months. 
<h2 style="text-align: justify" id="can-cardano-price-surpass-0-35">Can Cardano Price Surpass $0.35?</h2>
The current sideways movement in ADA&#8217;s price may serve to balance out the expected buying pressure built up after the excessive sell-off surrounding the popular altcoin. The battle between buyers and sellers appears to trigger a range formation between $0.3 and $0.24. However, for the buyers to drive the price beyond the $0.35 level, a breakout around $0.3 is necessary, which requires surpassing the overall trend line. 
On Cardano&#8217;s daily price chart, the Relative Strength Index (RSI) is in the oversold zone, exhibiting volatile movements due to overselling conditions. Hence, a balance between buying and selling pressure is crucial for a sustainable upward trend. Furthermore, the 20-day Exponential Moving Average (EMA) is likely to serve as dynamic resistance against any potential uptrend amid strong sell-offs. 
The post <a rel="nofollow" href="https://en.coin-turk.com/cardano-ada-clings-to-crucial-support-a-glimpse-into-the-future-price/" data-wpel-link="internal">Cardano (ADA) Clings to Crucial Support: A Glimpse into the Future Price</a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Cardano (ADA) Clings to Crucial Support: A Glimpse into the Future Price

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