Cardano [ADA] is struggling with price rejection at the June high $0.379 and bearish sentiment

Cardano [ADA] is struggling with price rejection at the June high $0.379 and bearish sentiment

Cardano (ADA) experienced a price increase of over 30% between July 13th and 14th as the price rose from $0.29 to $0.38. However, this was short-lived as the price has since fallen and all profits are at risk. The June high of $0.379 provided a barrier to further advances and the price decline over the weekend reinforced the bearish sentiment. The $0.3 and $0.29 support levels are now important levels to keep an eye on. If the price falls below $0.29 and stabilizes at $0.28, this would be a bearish signal and would invalidate the bullish thesis.

Bitcoin (BTC) has also not yet been able to make up for the losses from the weekend. The price fell from above $31,000 to below $30,000 and further price declines could lead to additional losses for the altcoins. Therefore, traders should keep an eye on Bitcoin’s price action and the $30,000 mark to adjust their trading strategies accordingly.

It is recommended not to take long positions for now. According to Coinglass, approximately $445,000 worth of long positions were liquidated within four hours, while short positions only recorded losses of less than $15,000. This indicates a short-term pessimistic mood on the futures market. To better optimize their trading operations, traders should keep an eye on Bitcoin price trends as well as the $0.3 mark on Cardano.

It remains to be seen how the crypto market will perform in the next few days and whether Cardano can restore its gains. However, traders should be careful and adapt their trading strategies to current market conditions.