Technical Analysis

ADA/USD Price Analysis – June 22, 2023

By LonghornFX Technical Analysis
Jun 22, 20233 min
Ada Usd

Daily Price Outlook

Cardano currently holds a market capitalization of 10.35 billion USD, with each ADA priced at 0.2962364 USD. Over the past 24 hours, the trading volume reached $346.95 million USD.

The exchange rate between ADA and USD is continuously updated in real time. In the last day, Cardano has seen a positive increase of +7.39%, with a total circulation of 34.93 billion ADA tokens.

The recent rise in Cardano’s price towards $0.3 is fueled not only by general market trends but also by a significant accumulation by ADA whales. As the price of Bitcoin nears $30,000, most cryptocurrencies have experienced a recovery.

However, Cardano stands out as it gains support not only from broader market movements but also from the influential ADA whale investors.

After a significant drop in early June, Cardano’s price is now trading above $0.28, closing the gap created during the previous decline. The third-generation cryptocurrency faced a steep decline, losing over 30% of its value in a single week. However, the current bullish sentiment in the market has propelled Cardano closer to the $0.3 mark.

Within the past 24 hours, Cardano has experienced a 7% increase in price, attracting the attention of whale investors.

These investors have accumulated over 263 million ADA tokens, equivalent to approximately $71 million, based on the total inflows into addresses conducting transactions worth more than $100,000. This increased interest from whales adds to the upward momentum of Cardano’s price.

However, as the price continues to rise, there is a higher likelihood of profit-taking by investors, which could trigger a sell-off and result in a price crash. Investors should exercise caution when buying Cardano during price increases.

In recent times, Cardano, along with MATIC and Solana, has been making recovery attempts amidst challenges such as exchange delisting and increased scrutiny from regulatory authorities like the Securities and Exchange Commission (SEC).

Bakkt, a digital asset platform that operates an exchange and crypto custodial service, has delisted Cardano (ADA), Polygon (MATIC), and Solana (SOL) in response to these regulatory developments.

ADA/USD Price Chart – Source: Tradingview

ADA/USD – Technical Analysis

Cardano has recently shown resilience as it bounces back from a significant support level of $0.2600 and completes a 50% retracement from the $0.3017 level.

This price action is accompanied by a bullish candlestick pattern known as “three white soldiers,” indicating a high probability of the uptrend continuing.

In terms of upside potential, if Cardano successfully breaks above the $0.3028 level, it could target the next resistance level at $0.3208, which aligns with the 61.8% Fibonacci retracement level.

Further bullish momentum may propel it to surpass the 61.8% level and aim for the $0.3468 level, representing the 78.6% Fibonacci retracement. Additionally, the presence of a double top pattern on the daily timeframe reinforces the resistance at $0.3800.

Conversely, if Cardano fails to surpass the $0.3028 level and closes candles below the 50-day exponential moving average, currently acting as resistance around the $0.3010 level, it may experience a pullback towards the immediate support at $0.2825.

A breakdown below this support level opens the possibility of further selling pressure, potentially leading to a decline towards $0.2588 or even $0.2205.



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