Cardano (ADA) has experienced a notable price decline, closing June with a 16% loss and continuing a months-long downtrend despite significant ecosystem developments. The cryptocurrency recently declined from the $0.590 resistance zone and is currently consolidating above key support levels near $0.560, with a bullish trend line at approximately $0.5640. Technical indicators such as RSI show weakening bearish momentum, suggesting a potential shift in market structure if upward momentum is sustained.
Noteworthy milestones include Cardano founder Charles Hoskinson's announcement of full integration plans with the XRP ecosystem, aiming to enhance cross-chain liquidity. Additionally, Coinbase launched cbADA, a wrapped ADA token on its Layer 2 Base network, designed to increase ADA holders' access to decentralized applications within Coinbase’s ecosystem.
However, these positive developments have yet to translate into price gains. Spot market data reveal consistent weekly outflows of ADA totaling $182.1 million in June, indicating persistent selling pressure and diminished investor confidence. The percentage of ADA supply in profit dropped considerably, further signaling bearish sentiment.
Technical resistance remains robust near $0.5820 and $0.590, with potential for a rally to $0.620 or higher if breached. Conversely, failure to hold above support levels like $0.5640 and $0.5460 could trigger further declines toward $0.5250 or $0.52, supported by bearish momentum shown in the Elder-Ray Index. Overall, ADA's price action in the near term hinges on whether buying pressure can regain control to reverse the prevailing bearish trend.