Bears keep pushing the cryptocurrency market to the next supports levels as all of the top 10 coins are in the red zone again.
Top coins by CoinMarketCap
ADA/USD
Cardano (ADA) has followed the price dynamics of Bitcoin (BTC) as the altcoin has fallen 4.35% since yesterday.
ADA/USD chart by TradingView
On the small time frame, Cardano (ADA) has formed a local support in the $2.10 area.
If buyers hold this level, there is a chance to see a bounceback to the zone of the most liquidity around $2.253. However, it does not mean that the bearish pressure has ended so far.
ADA/USD chart by TradingView
On the 4H chart, Cardano (ADA) may face one more drop to the nearest support at $2.063 before a rise. This assumption is also confirmed by a low selling trading volume, which means that bears are losing their power. In this case, the more likely price action is the false breakout of the support, followed by growth to $2.25.
ADA/USD chart by TradingView
In the mid-term point of view, neither bulls nor bears are dominant at the moment, as the price is located in the zone of the most liquidity, where it is accumulating power for a price blast. If sellers manage to break the support at $2.063, one may expect a sharp price drop to $1.90 soon.
ADA is trading at $2.12 at press time.
Any financial and market information given on U.Today is written for informational purposes only. Conduct your own research by contacting financial experts before making any investment decisions.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.