Will $ADA Price Lose $0.3 Support In June

Cardano Price Prediction: On June 5th, the ADA price showcased a massive breakdown from the support trendline of the channel pattern carrying an uptrend in this coin for the past five months. This breakdown accelerates the selling pressure in the market and provides sellers a new resistance to pressurize prices to lower levels. Here’s how this pattern could further induce the Cardano coin.

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• A breakdown below the local support of $0.323 support set ADA price for a 7.5% drop
• The downsloping daily EMAs(20, 50, 100, and 200) indicate the buyers would face multiple hurdles before regaining trend control
• The intraday trading volume in the ADA coin is $336.5 Million, indicating a 19.6% gain.

Source- Tradingview

A bearish breakdown from the support trendline indicates the ADA price is likely to prolong its prior downtrend. From the breakdown point, the price has plunged 9.5% so far and is currently trading at the $0.329 mark.

With sustained selling, the coin price is likely to plunge another 9.6% down to hit the $0.3 psychological mark. The aforementioned level should hold buyers’ orders from numerous traders waiting to enter at a discounted price.

However, in theory, the potential target for this pattern breakdown is the swing lows created during the formation of channel patterns. Thus, considering a pessimistic scenario, a successful breakdown below the $0.3 support would plummet the price to $0.245. 

Will Cardano Coin Loss the $0.3 Mark?

An intraday loss of 7.7% with high volume indicates high momentum selling in ADA price. If selling pressure persists, this ADA price will break minor support of $0.323 and slump to the $0.3 level. This psychological support won’t be easily broken and therefore, the price will likely consolidate above it for a few days before any further downfall

• Relative Strength Index: The daily RSI slope plunged to the oversold region indicating the sellers went too aggressive for the time being, and therefore a minor pullback or consolidation is expected to stabilize the price action.
• Pivot levels: This Support/Resistance indicator accentuates the $0.323 and $0.3 levels as important support while it indicates the $0.35 and $0.374.