$ADA has been moving within a descending channel since early January. The breakout attempt on May 10 failed before the price dipped again.
ADA has dropped around 35% from its peak in May at about US$0.29 and is now hovering around US$0.19. The next key support level is at US$0.17. If it breaks below US$0.178, the price could plummet to US$0.141 or even US$0.094, strengthening the dead chain narrative. That level is only about 9% away.
On-chain data provides a counterargument. ADA outflow from spot exchanges has increased to about US$2.26 million, indicating that some holders are still buying despite the fear sentiment.
Net Spot Flow of ADA
For the bulls, if the price can reclaim US$0.26, the negative sentiment could ease. This scenario is stronger if protocols like Surf Lending grow and outflows remain high.
Cardano Price Analysis
Currently, US$0.17 is the line between a drop to US$0.09 or a recovery that could silence all negative speculation.
#ECBExpectedToRaiseRates25Bps #JPMorganBofACitiTokenizedDepositPlan $REZ $KMNO
ADA has dropped around 35% from its peak in May at about US$0.29 and is now hovering around US$0.19. The next key support level is at US$0.17. If it breaks below US$0.178, the price could plummet to US$0.141 or even US$0.094, strengthening the dead chain narrative. That level is only about 9% away.
On-chain data provides a counterargument. ADA outflow from spot exchanges has increased to about US$2.26 million, indicating that some holders are still buying despite the fear sentiment.
Net Spot Flow of ADA
For the bulls, if the price can reclaim US$0.26, the negative sentiment could ease. This scenario is stronger if protocols like Surf Lending grow and outflows remain high.
Cardano Price Analysis
Currently, US$0.17 is the line between a drop to US$0.09 or a recovery that could silence all negative speculation.
#ECBExpectedToRaiseRates25Bps #JPMorganBofACitiTokenizedDepositPlan $REZ $KMNO