Cardano Stages V-Shaped Recovery as Price Swings 4%

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CryptoNewsNet2025/06/04 15:17

By:coindesk.com

The cryptocurrency market continues to navigate choppy waters as global economic factors create ripple effects across digital assets.

Cardano’s native cryptocurrency, ADA

ADA$0.68283

, demonstrated resilience, forming a V-shaped recovery pattern after finding strong support at $0.684 with significant buying volume overnight, according to CoinDesk Research's technical analysis model. This recovery comes amid broader market uncertainty as investors weigh the impact of escalating trade tensions between major economies.

ADA is down 0.45% over the past 24 hours at press time, trading at $0.68, while the broader market gauge CoinDesk 20 Index fell 2.1%.

Technical Analysis Highlights

Price action formed a V-shaped recovery pattern from the low of $0.676 to reclaim the $0.697 level.
Strong volume support emerged at $0.684, with the highest 24-hour volume of 45.7 million.
Potential continuation toward the $0.702 resistance level established during early morning hours.
Clear uptrend with higher lows established during early U.S. morning hours, where volume peaked at 1.17M.
Substantial volume supported the breakout above $0.697.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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The Federal Reserve's Beige Book shows little change in U.S. economic activity, with increasing divergence in the consumer market. JPMorgan predicts a Fed rate cut in December. Nasdaq has applied to increase the position limit for BlackRock's Bitcoin ETF options. ETH has returned to $3,000, signaling a recovery in market sentiment. Hyperliquid has sparked controversy due to a token symbol change. Binance faces a $1 billion terrorism-related lawsuit. Securitize has received EU approval to operate a tokenization trading system. The Tether CEO responded to S&P's credit rating downgrade. Large Bitcoin holders are increasing deposits to exchanges. Summary generated by Mars AI. The accuracy and completeness of this summary are still being iteratively improved by the Mars AI model.

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