Cardano (ADA) Faces Obstacles In Reaching Key Level In June – Here’s Why

Christian Encila

2 years ago

4 mins read

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Cardano (ADA), along with numerous other major altcoins, experienced a significant downturn in recent days, causing considerable losses for investors. However, the downward trajectory of prices observed across the cryptocurrency market did not provide a reassuring signal for a potential reversal in the near future.

As panic and uncertainty gripped the crypto space, holders of Cardano and other altcoins found themselves questioning the stability and future prospects of these digital assets.

What factors contributed to this market-wide decline, and what lies ahead for Cardano amidst this turbulent period?

Bearish Trend Emerges As Cardano (ADA) Price Plummets

A recent report shed light on the alarming bearish scenario for Cardano (ADA) on its price charts.

Currently valued at $0.248073 according to CoinGecko, ADA has suffered a significant decline of 22.2% within the past 24 hours, further exacerbating the downward trend. Over the span of the last seven days, the cryptocurrency has experienced a staggering downturn, plummeting by 34.2%.

Source: Coingecko

A recent report emphasized the bearish landscape depicted by Cardano (ADA) on its charts, specifically noting its current price, and the breach below the $0.348 mark.

This development set the stage for bears to take control of the market across higher timeframes. The report highlighted the significance of this downward movement, as it not only signaled a shift in momentum but also posed challenges for Cardano’s price recovery.

With the breach of the crucial support level, bears gained the upper hand in dictating market dynamics, particularly on longer timeframes. This bearish sentiment cast a shadow over Cardano’s performance, making it increasingly difficult for the ADA token to regain lost ground and establish upward momentum.

The report’s analysis underscored the implications of bears dominating the market, emphasizing the obstacles Cardano might face in its price trajectory.

In an attempt to alter the prevailing trend, the bulls made a late May push and managed to establish a high at $0.386. However, their efforts to sustain this shift in market sentiment were futile as they failed to capitalize on this change in character.

The failure to maintain the bullish momentum has left Cardano investors and market participants on edge, grappling with concerns about the cryptocurrency’s future trajectory.

Cardano (ADA) market cap currently at $8.5 billion. Chart: TradingView.com

SEC’s Security Label And Lawsuits Intensify Market Jitters

Adding to the already gloomy market sentiment, the US Securities and Exchange Commission (SEC) dealt a significant blow to Cardano by classifying ADA as a security. This categorization triggered a wave of apprehension among investors, leading many to flee from the cryptocurrency markets.

Cardano’s IOG Dismisses SEC’s Claim that ADA is a Security #Cardano #cardanofeed #ADA #crypto #cardanocommunity #bitcoin #CoinMarketCap #blockchain #cryptocurrency #CardanoADA #btc $ADA https://t.co/rOjRcaWXJN

— Cardano Feed ($ADA) (@CardanoFeed) June 9, 2023

Compounding the unease, the SEC filed lawsuits against Coinbase and Binance, further exacerbating the panic surrounding the already bleak market outlook in the crypto sphere.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk)

Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.