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The cost of the native crypto token of the Cardano blockchain network (ADA) has been subjected to the pressure of a bearish advantage that has captured the global digital currency market in recent days. Reaching the price bottom on the night of June 13-14, 2022 at $0.4385 was replaced the following day by active bullish resistance to the current negative trend. Buyers were able to briefly return the price of ADA to $ 0.5105.
The market marked a deeper weakening on June 15, which offset cardano’s daily success. As of 13:30 Moscow time on June 15, 2022, the coin rate is trading at $ 0.4564. Over the past 24 hours, the decline was 9%, and by the end of the week, the monetary value of the asset decreased by 27%.
Short-term technical analysis of the daily price chart fixed the upper limit of the Bollinger Bands at the $0.670 boundary, which is the maximum resistance level. While the current rate is located in the vicinity of the lower limit of critical support at $0.4250. The average value was marked at $0.5470. Experts also noted a significant increase in price volatility in the ADA/USD trading pair.
The interpretation of another technical indicator, the Relative Strength Index (RSI), noted a strong angle of inclination of the downward curve, which indicates an increase in bearish activity. The RSI value is set at 38. No less important, according to analysts, was the intersection of moving averages (MA) of 20 and 50 weeks, which is also a marker of the strength of sellers.
Of the 26 technical analysis tools: 10 indicators do not carry up-to-date information for making trading decisions at a short distance, 15 values signal a selling position and only 1 indicator is marked as a buy signal. The observed picture illustrated the probability of a decline in the rate to $ 0.4420.
Earlier, the editors of Crypto.ru reported that one of the creators of the Dogecoin crypto project, Billy Marcus, expressed an optimistic forecast to his audience regarding the future of the virtual asset market.
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