Cardano price analysis

Cardano turned down from the triangle’s support line on June 10, suggesting that the bears are trying to flip the level into resistance.

ADA/USDT daily chart. Source: TradingView

Buyers purchased the dip to $0.41 and are trying to push the price back above the moving averages. If they manage to do that, it will signal that the breakdown below the triangle may have been a bear trap. The ADA/USDT pair could then climb to the resistance line.

Contrarily, if the price turns down from the moving averages, it will suggest that the sentiment has turned negative and traders are selling on rallies. The bears will then try to sink the pair to $0.35.