Is it Wise to Accumulate $ADA at $0.24 Support?

Cardano Price Prediction: The recent sell-off in the crypto market took a significant toll on the Cardano coin as it saw a free fall within a week. From the peak of $0.379, the ADA price plunged 41.7% to make a low of $0.22. Amid this downfall, the sellers breached some crucial support such as $0.355 and $0.3, offering sellers more barriers to pressurize prices at lower levels. Will ADA plummet lower?

Also Read: Cardano Foundation Disagrees With US SEC; Robinhood May Delist $ADA

Cardano Price Daily Chart: 

• The long-tail rejection candle at $0.24 projects intense buying at this support.
• The daily RSI slope indicator at the oversold region indicates a heavy discount on the ADA price.
• The intraday trading volume in the ADA coin is $650.47  Million, indicating a 47% loss

 Source- Tradingview

On June 10th, the Cardano coin witnessed massive outflow and tried to breach the December 22’ low of $0.24. However, the buyer’s made an immediate comeback and recovered most of the day’s loss.

Therefore, the resulting daily candle showed a long wick rejection at $0.24 indicating the aggressive accumulation from buyers at this level. By the press time, the ADA price trades at the $0.268 mark with an intraday loss of 2.33%.

With sustained selling, the coin price could make another retest to the $0.24 support which will offer additional confirmation for the buyers to accumulate.

On a contrary note, the traders may face the nearest supply zone at the $0.3 mark. A breakout above this aforementioned resistance is needed to obtain the first sign of recovery.

Will ADA Price Break $0.24?

Despite the intense selling pressure observed on June 10th, the Cardano price managed to stay above the critical $0.24 support level. The rejection of lower prices, characterized by a long-tailed candlestick indicates the buyers stepped in to defend this support level. Thus, the possibility for ADA price to break $0.24 is less likely until we see another negative news spread across the crypto market.

• Relative Strength Index: The daily RSI slope plunge to the oversold region indicates the sellers went overboard to tumble this coin and thus offer a heavy discount to potential traders.
• Exponential Moving Average: The massive gap between the daily EMAs(20, 50, 100, and 200 and ADA price reflects the current downtrend is insatiable, and recovery is possible.