Featured News Headlines
Cardano Price Alert- Can ADA Lead the Altcoin Comeback?
Cardano Price Alert– Cardano’s native token ADA is attempting to build an upward trend, but overall market sentiment remains cautious. Despite some help from Bitcoin’s weekend volatility, ADA struggled to sustain demand throughout June. This weakness reflects a broader altcoin market issue.
Altcoin Market Stalls Below $1.25 Trillion
The TOTAL2 index, which tracks the combined market cap of altcoins excluding Bitcoin, has been stuck below the $1.25 trillion mark since February. The latest attempt to break this level on June 11 failed sharply. This drop coincided with rising geopolitical tensions in the Middle East, which led to panic selling among altcoin holders. Even Bitcoin briefly dipped below $100k during this period, reinforcing bearish sentiment.
Cardano (ADA) Shows Early Signs of Short-Term Recovery
In the past week, Cardano (ADA) rebounded from the $0.51 support level and formed a higher low at $0.545. A break above last Tuesday’s local high of $0.594 would signal a potential short-term bullish shift. Supporting this view, the Relative Strength Index (RSI) has also posted higher lows recently, suggesting that bearish momentum is easing.
The On-Balance Volume (OBV) indicator showed a modest bounce, and sustained gains here could point to increased buying pressure. This might push Cardano (ADA) toward $0.62 or $0.65 in the near term.
Caution Due to Prevailing Bearish Structure
Despite these promising signs, the broader market structure remains bearish following ADA’s sharp fall from $0.73 earlier in June. Any upward moves should be viewed in the context of this larger downtrend.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
