Cardano Price Rises 9% to $0.5960 After Hitting $0.50 Support
Cardano price increased by 9% on July 2, reaching $0.5960 after bouncing from the $0.50 demand zone. This recovery suggests potential bullish intent as it approaches the upper edge of a six-week falling channel.
ADAUSD price dynamics | Source: TradingView
Key points include:
- The broader trend remains bearish, but local support is being defended.
- Bulls need to reclaim the $0.60–$0.62 resistance to shift market structure.
- RSI at 43.12 indicates early recovery, needing to surpass 50 for confirmed momentum.
- Daily volume reached $1.52 billion, one of the highest in weeks, but prices remained stable near $0.54.
- A $6.02 million net outflow on July 1 signals accumulation by long-term holders.
- Immediate resistance levels are $0.60–$0.62; failure to hold $0.52 may lead to a retest of $0.48.
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