Cardano Market Analysis: ADA Rebounds Mildly as US Fed Rates Uncertainty Lifts
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At press time, the entire crypto market valuation sits dangerously around the $900 billion mark, as persistent geopolitical tensions, an unfruitful fight against ballooning inflation, and regulatory uncertainties beset the financial markets.
However, amidst all these, Cardano has managed, in a small way, to decouple from the sinking market and carve a different path. Many believe this to be a telltale sign of an imminent massive recovery for the cryptocurrency.
That said, despite the market meltdown, the cryptocurrency has recorded some noticeable price surges in the past two weeks, signaling to investors that the local bottom might already be in.
Away from the technicals, experts believe that Cardano’s fundamentals will be a major catalyst for the next bull run. Commenting on the price performance of the “Ethereum-killer,” Crypto Capital Venture founder, Dan Gambardello, noted that one of the key talking points of Cardano is that “it is not broken like other protocols.” Gambardello asserted that he sees ADA tapping the $10 mark “a lot sooner than most think.”
Key Cardano Levels to Watch — June 15
Cardano tapped a five-week on Monday after dropping from the $0.650 axis towards the $0.400 support base. However, the cryptocurrency has regained a slight upward momentum as it moves to close its second bullish daily session for the first time since early June.
With the uncertainty of the US Fed interest rate decision out of the way, we could see some fiery bullish recovery in the coming days for ADA and the broader market. The stochastic indicator shows that the smart contract cryptocurrency is now in a slow retreat from oversold conditions, increasing the likelihood of a sharp rally towards the top of my descending channel.
Meanwhile, our resistance levels are $0.600, $0.700, and $0.800, and our support levels are $0.500, $0.400, and $0.300.
Market Capitalization: $936.6 billion
Cardano Market Capitalization: $17.2 billion
Cardano Dominance: 1.84%
Market Rank: #7
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