The $ADA currency was traded
At $0.61068
The currency traded at $0.6154 on Monday afternoon, continuing its decline to 5.35% over the past twenty-four hours. The currency steadily declined, surpassing multiple support levels after a selling wave began late in the session around 22:00 UTC on June 16. Despite a short recovery attempt earlier in the session, the bearish structure remained intact until mid-Tuesday.
This correction reflects a general behavior of investors shying away from risk in digital assets, as global macroeconomic conditions remain tense. Increased trade disputes and tightening monetary policy in major economies have added pressure on risk markets, causing $ADA and other major cryptocurrencies with large market caps to decline.
However, some technical analysts pointed to potential indicators of a reversal in the structure of $ADA . A short rise from $0.622 to $0.626 earlier in the session formed a small upward channel, as the price tested the price range between $0.624 and $0.625 several times. This area has now emerged as a potential pivot zone, although trading volume has gradually decreased and volatility has subsided.
With #ADA trading just above its daily low, bulls are looking for stability around $0.615-$0.620. Any clear movement in direction from here may depend on how well this support area holds, and whether broader market conditions begin to recover.
Highlighted technical analysis
A sharp decline began at 22:00 UTC on June 16, as ADA broke the support level at $0.650 amidst high trading volume.
Multiple failed attempts to regain $0.630 led to the emergence of a new resistance range around $0.640.
Lower highs formed with each bounce, confirming the bearish pressure throughout the period.
A support area formed between $0.620 and $0.622 with increased trading volume at these levels.
The price entered a downward channel with consistently lower highs and lower lows.
A short recovery from $0.622 to $0.626 led to the emergence of a small ascending channel amidst increasing trading volume.
Resistance formed at $0.626, where the range of $0.624-$0.625 became a pivotal zone during repeated tests.
The recent candles showed a decline in volatility and trading volume, indicating stability near its local lows.
