Will $ADA price rebound 40%?
Cardano recently experienced its worst week since May 2021. But don't lose hope just yet! There's a silver lining to this story.
Let's dive in and explore
On June 9, Robinhood announced it would delist $ADA from its platform. This preceded a maximum 30% drop in $ADA price on the day.
On June 12, $ADA price rose 2.25% to $0.28, up around 27% from the six-month low of $0.22 seen last week. The rise appeared alongside gains elsewhere in the crypto market, hinting at investors buying the dip.
Cardano's technicals, however, hint at a possible rebound ahead. For instance, the ongoing token recovery comes a day after its daily relative strength (RSI) dropped to 20, the most oversold since March 2020 when $ADA price had jumped 900% four months.
Therefore, a rebound from the $0.247- support may start an uptrend toward $0.382 by October 2023. The $0.382-resistance, up 40% from current levels, also coincides with the 200-3D EMA.
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