• Cardano (ADA) showed bearish intent on the higher timeframe price charts in the first week of May.
• The level highlighted in blue on the charts showed the bearish structure break on 8 May and was followed by a move beneath $0.3485.
• On the daily timeframe, ADA is forming a new lower low and heading towards $0.297, while shorter-term support levels are marked at $0.3366 and $0.3157 respectively.
Cardano Prices Crash Soon?
Cardano fell below the $0.348 level and market sentiment is overwhelmingly bearish as bears take control.
Analysis of the daily and 4-hour timeframes have highlighted potential bearish targets for Cardano in the coming months.
- On the daily timeframe, ADA is forming a new lower low and heading towards $0.297.
- Shorter-term support levels are marked at $0.3366 and $0.3157 respectively.
Market Structure Bearish
The market structure of ADA was bearish on the 1-day chart with its move below $0.348 further cementing sellers’ dominance.
Mean Coin Age Rising
Throughout May, ADA’s 90-day mean coin age was in an uptrend indicating accumulation across networks yet prices dropped 10%.
< h2 > Trading Volumes Low h2 >
< p >The OBV has been in slow downtrend since mid-April however trading volumes were not significantly strong over past three weeks causing OBV not to drop noticeably in June. p >