Cardano’s ADA Slides Below $0.620 Amid Sell-Off, Hints of Bottoming Emerge
Cardano’s ADA fell to $0.6154 on Monday, shedding 5.35% in 24 hours as sellers maintained pressure. The decline followed a sharp drop that began around 22:00 UTC on June 16, pushing ADA through several support levels despite brief recovery attempts.
The downturn echoes broader risk aversion across crypto markets driven by global economic uncertainty. Yet technical signals hint at potential stabilization, with ADA briefly rebounding from $0.622 to $0.626, forming a modest rising channel. The $0.624–$0.625 zone is now seen as a possible pivot point, though volumes have since thinned and volatility has eased.
Traders are watching closely to see if ADA can hold above $0.615–$0.620, or if further downside will unfold.
Technical Quick Hits
- Breakdown below $0.650 triggered heavy selling on June 16.
- Failed rebounds created resistance near $0.640.
- Lower highs persisted through multiple bounces.
- Support clustered between $0.620–$0.622 on rising volume.
- Descending channel defines the recent downtrend.
- Brief recovery to $0.626 formed a micro upward channel.
- Resistance solidified at $0.626 with $0.624–$0.625 acting as a pivot zone.
- Volatility and volume have diminished, signaling consolidation.
