ADA Token of Cardano Faces Pressure Amid Broader Market Correction, Trading at $0.615
On Monday afternoon, the ADA token of Cardano traded at $0.6154, extending its decline to 5.35% over the past 24 hours. The token dropped steadily through multiple support levels after a late-session sell-off began around 22:00 UTC on June 16. Despite a brief recovery attempt earlier in the session, the bearish structure remained intact heading into midday Tuesday.
This correction mirrors broader risk-off behavior across digital assets as global macroeconomic conditions remain tense. Trade disputes and monetary tightening across major economies have added pressure to risk markets, dragging ADA and other large-cap tokens lower.
However, some technical analysts have pointed to potential signs of a reversal in ADA’s structure. A brief bounce from $0.622 to $0.626 earlier in the session formed a small upward-sloping channel, with price testing the $0.624–$0.625 band multiple times. That area has now emerged as a potential pivot zone, though volume has since tapered and volatility has narrowed.
With ADA trading just above its daily low, bulls are watching for stabilization around $0.615–$0.620. A clear directional move from here may depend on whether that support zone holds and if broader market conditions begin to recover.
Technical Analysis Highlights:
- A sharp decline began at 22:00 UTC on June 16 as ADA broke below the $0.650 support level on high volume.
- Multiple failed attempts to reclaim $0.630 created a new resistance band around $0.640.
- Lower highs formed with each bounce, confirming downward pressure throughout the period.
- A support zone developed between $0.620 and $0.622 as volume picked up at those levels.
- Price entered a descending channel with consistent lower highs and lower lows.
- A brief recovery from $0.622 to $0.626 created an upward-sloping micro channel amid increasing volume.
- Resistance formed at $0.626, with the $0.624–$0.625 area acting as a pivot range during repeated tests.
- Recent candles showed decreasing volatility and volume, signaling consolidation near local lows.
