ADA bounces from key support but rejection can be expected at…
slowly climbing into the $26k price region, ADA posted 11.6% gains to trade at $0.2744. While this brought temporary reprieve for bulls, ADA’s long-term price movement hinted at more bearish activity.ADA’s upswing in March saw the price rise to a year-to-date high of $0.4622. However, the price was rejected at that level with ADA sinking to the $0.3760 support level.
This flipped ADA’s market structure to bearish on the daily timeframe, as the price broke the bullish lower high before sinking to the December 2022 low of $0.2395. Yet, the strong buying pressure at the $0.2395 level led to a quick rally for ADA. Despite the swift rally, chart indicators pointed to a continuation of the bearish momentum. The Relative Strength Index declined into the oversold zone on 8 June with the recent gains having no effect. This signified the intense selling pressure on ADA. The On-Balance Volume also echoed the price dump with a 940.3 million drop in trading volume.
This could see sellers drag ADA further down to $0.2000 or $0.1750, if the bearish sentiment persists. On the flip side, a bullish BTC could rally buyers. However, bulls will need to clear the obstacle at the $0.3035 resistance level before pushing for more leverage.
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