Cardano (ADA) Price Analysis – June 27
Yesterday’s sudden price surge has positioned the Cardano market in a significant bearish scenario, losing a substantial -5% in the last couple of hours, hovering the current price levels around $0.08. However, the token’s price will continue to remain low if the bearish volatility continues dominant.
Resistance levels: $0.095, $0.105
Support levels: $0.085, $0.08
Just after Cardano marked a high of $0.112 yesterday, the bears stepped heavily into the market and dumped price to the current low of $0.085. Ever since the sudden dip, the price actions have continued to display a blood scenario. As a result of this, the token has turned bearish as the market approaches previous low at $0.085 and possibly to $0.08support, below the channel.
In fact, the 4-hours RSI indicator has confirmed a downtrend for the market as it lies close to the oversold area. If the token respects the lower channel, we may see a positive move to $0.095 and $0.105. However, there’s a need for a strong demand from the buyers to send the market back to the bullish territory. Otherwise, the bears will continue to gain control of the market.
Cardano has continued to follow a bearish sentiment for over weeks as the token suffers a strong buy force. Even if the bulls attempt to gain momentum now, the bears are likely to keep releasing a huge pressure in the market. At the moment, ADA is in the middle of consolidation around the 762SAT level. This actually suggests that the market is waiting for a new wave.
The bearish scenario might rally further to 700SAT and 650SAT supports. Currently, the Cardano market is revealed near the 30 level of the 4-hours RSI. If the bulls can manage to find support at the 30 level, we may see an upward movement to the 825SAT and potentially 900SAT resistance. But, a look at the current market suggests a dominant bearish trend for ADA market.
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