Aliens TLDR

Cardano’s [ADA] price has been under a strong bearish influence, especially since dropping from the vital $1.2-resistance.

As a result, after falling below its Point of Control (POC, red), ADA poked its 15-month low on 12 May. On its way south, the 61.8% Fibonacci level held up well after restricting the falling wedge breakout.

However, without sufficient volumes, the buyers would find it difficult to challenge the resistance offered by the alt’s near-term EMAs. The buyers would now aim to lower the gap between the 20/50 EMA in the coming days.

Looking at the current bounce-back from the $0.5-level, ADA could slam into the 23.6% level for testing its resistance.

An eventual break above this level could pave a path to challenge the constraints of its near-term EMAs. But the threats along the Aroon up indicator could delay the potential of a bull run.