Trend Rider Analysis: ADA may be forming a higher low, signaling a potential bullish reversal.
Current Price Action: ADA trades at $0.5572 with modest daily losses and lower volume.
Market Structure: Long-term chart patterns show a shift from lower lows to higher highs.
Cardano ($ADA) continues to draw attention from traders and analysts as it navigates a critical technical zone, with recent market activity hinting at a possible shift in long-term momentum. Token is actively trading over the current price level of $0.55, but technical experts, such as Trend Rider, indicate that the asset might be getting ready to break out bullishly in case some important lines of education are not broken.
Although in the short run, the prices are softening and the volume is declining in the trading, they are keeping an eye on the wider structural movements in case of a change in the trend. Given that the crypto market is in a consolidation period, the price behavior of ADA may give an early signal of the future directional movement.
Technical Analysts Signal Possible Rebound
According to Trend Rider, Cardano ($ADA) is currently showcasing a potentially bullish setup on the monthly chart, as the price tests a critical support band. The trader emphasizes that the asset is trying to validate a higher bottom after a previous higher top, which is an indicator of early signs of a possible long-term directional change.
Should this support be maintained, it is likely that there will be higher highs based on the price structure, keeping the bullish bias. The analysis relies on classic market structure theory, emphasizing the transition from lower lows to higher lows as a foundational shift in sentiment.
Source: X
The chart reflects a macro view of $ADA trading on Binance, where price has notably retraced to test previously broken resistance now acting as support. This area is framed by a confluence zone that has historically influenced market direction. The pattern of increasing swing lows and highs bolsters the narrative of a potential rally, provided the current support band remains intact. Trend Rider, who trades both long and short timeframes, signals that the ongoing price behavior may precede a significant upward leg, contingent on the successful confirmation of this higher low.
Market Metrics Reflect Short-Term Weakness
According to the latest market data from CoinMarketCap, Cardano (ADA) is trading at $0.5572, marking a slight daily decline of 0.55% as of June 29. The intraday price activity displays modest volatility, and ADA has hit highs of over 0.567 and dived in the last hours of the day.
Source: CoinMarketCap
The market capitalization has decreased by 0.53% to US$19.71 billion, and the buying activity has slowed by 4.7% to 405.71 million in 24 hours. Having issued 35.37 billion ADA out of its total potential supply of 45 billion, the coin stays in a tight value field, and this factor might symbolize an indecisive attitude of the stakeholders in the market due to crypto consolidation.
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