Cardano Rally Stalls As ADA Flashes Bearish Signs: Analysis

The latest Cardano rally stalls as the altcoin’s price flashes bearish signs despite it was one of the best performing altcoins this year, right behind Tezos and Chainlink. In our latest Cardano ADA price news, we are reading the analysis further.

The cryptocurrency was seeing some heightened momentum over the past weeks’ thanks to the launch of the Shelley Mainnet upgrade. The rollout coupled with a few positive news developments which bolstered the buyers. Despite showing signs of strength, ADA is now pushing up against a significant resistance level which is why the Cardano rally stalls and ADA flashes warning signs. Some analysts became quite cautious on the near-term outlook.  Cardano posted an intense rally of the aggregated crypto market in recent weeks but the rally was not unwarranted either. With the launch of the Shelley, mainnet was fanning the flames leading cryptocurrency’s uptrend.
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Cardano seems to be navigating into a huge resistance region that was holding strong over the past few days. if the buyers are unable to surmount this resistance, it could confirm the bearish signs that the analysts were warning about, indicating that a retrace will be imminent. Cardano is trading up about 4% with a current price of $0.10. From the weekly perspective, this marks a huge climb from the $0.08 low that was set just a few days ago and another climb from its June 27^th low of $0.075.

The cryptocurrency was trending higher over the past few months posting consistent gains despite the multi-month sideways trading. Bitcoin also consolidated above $9000 in early May at which point Cardano was trading under $0.05. From here, ADA slowly climbed higher until it gained a parabolic momentum at the end of May. It now seems to be facing some heavy resistance at just above the current price level which is a price region that the analysts were watching for a long time now.

Because this price rally was fueled by the Shelley mainnet rollout and the ADA staking announcements of Coinbase Custody, it is possible that it will become even more sustainable in the future than hype-inducted movements. From a technical standpoint, the analysts are growing cautious about where Cardano trends next. One trader even explained that he isn’t quite ready to “fade” despite it posting bearish divergences due to the underlying strength but he is also watching the reaction closely to the current resistance:

 “There are some HTF bear divs developing but I wouldn’t fade coins that showed multi-week strength. Take profits, don’t blindly short alts just because they kept on dying the last 2 years.”