Cardano price prediction based on technical analysis shows that a price drop of more than 10% is likely in the coming weeks.
The range that ADA had maintained from December 2023 to May 2024 was broken and flipped to resistance in the first week of June.continued its downtrend on the price chart. Cardano’s price prediction has been bearish on the higher timeframes since mid-April when the support level at $0.56 was lost. In the second half of June, bears showcased their intent once again.
The daily timeframe technical indicators were also bearish. The RSI tried to poke its head above neutral 50 recently but faced rejection, cementing the bearish momentum.This signified strong selling pressure and the lack of buying volume, making it more likely that prices will fall toward $0.3 next.In early June, the $0.4-$0.415 region was a pocket of liquidity with a huge number of liquidation levels. It was tested as support and eventually ceded to the selling pressure.
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