ADA Token Falls to $0.615 Amid Ongoing Sell-Off Pressure
Cardano's ADA token is trading at $0.6154, marking a 5.35% decline over the past 24 hours. The downward trend followed a sell-off starting on June 16 at 22:00 UTC, leading to ADA breaking key support levels. This trend reflects a broader risk-off sentiment in digital assets due to ongoing global economic tensions.
Key observations include:
- Decline initiated as ADA fell below the $0.650 support level with high volume.
- Failed attempts to reclaim $0.630 established resistance around $0.640.
- Formed lower highs during bounces, indicating sustained downward pressure.
- Support zone identified between $0.620 and $0.622 with increased volume.
- Entered a descending channel characterized by lower highs and lower lows.
- Brief recovery from $0.622 to $0.626 formed an upward-sloping micro channel.
- Resistance at $0.626; $0.624–$0.625 tested multiple times as a pivot range.
- Recent candles indicate decreased volatility and volume, suggesting consolidation near local lows.
Bulls are monitoring stabilization around $0.615–$0.620, with potential directionality depending on market conditions.