Ah, the Cardano (ADA) price, that fickle creature, is currently engaged in a rather tedious consolidation phase, trading at a modest $0.662. It has been bouncing about like a rubber ball in a schoolyard, oscillating between $0.654 and $0.678 over the past 24 hours. One might say it has pulled back nearly 10% from its April highs, yet, lo and behold, it is exhibiting the faintest glimmer of a potential reversal, perhaps buoyed by some external factors that are as mysterious as the Bermuda Triangle. 🏝️
In a rather amusing twist of fate, the Nasdaq has decided to file SEC Form 8-K, confirming its grand proposal to expand the crypto benchmark. It has increased its roster from a paltry 5 to a whopping 9 crypto assets, now including the likes of XRP, Solana, Stellar, and, of course, our dear Cardano. This is hailed as a monumental victory for crypto exposure, as if we were all waiting with bated breath for more altcoins to join the Nasdaq party. Meanwhile, the SEC’s approval remains as elusive as a good cup of tea in a foreign land, expected to arrive in the first few days of November 2025. ☕️
Meanwhile, the ADA price has made a valiant attempt to rebound from its recent dips, but one must ponder whether the ETF demand could indeed fuel further upside, or if it’s merely wishful thinking. 🤔
The ADA price has been squeezing itself within predefined resistance and support levels, much like a sardine in a tin, desperately trying to avoid a breakdown below the crucial support of the rising parallel channel. On the other hand, the 50/200-day MA is playing the role of local resistance and support levels, and a slight rise could ignite hopes for a bullish crossover or the fabled Golden Cross. However, it is imperative for the price to remain within the ascending triangle that has been formed within this parallel channel, lest it face the wrath of the market gods. ⚖️
Meanwhile, the RSI raises a few eyebrows as it has slipped below the ascending trend line, suggesting a rather alarming drop in the strength of the rally. Therefore, until the Cardano (ADA) price manages to sustain above $0.635, the possibility of a bullish rebound remains tantalizingly high. However, as long as the token does not rise above the range between $0.77 and $0.8, the specter of rejection may continue to loom ominously over our heads. 😬
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2025-06-09 11:57