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Cardano price fake-out? ADA’s 45% rebound in two days could trap bulls

ADA price has seen sharp recoveries during bear markets in the past with many turning out to be bull traps.
Cardano (ADA) price climbed from $0.48 on May 30 to as high as $0.68 on May 31—a 45% rally in less than 48 hours. But ADA/USD failed to extend its rally further upward and dropped by almost 13.75% from its weekly high.ADA price: Bear market vibesCardano’s price retreated sharply on June 1, giving up a portion of the gains secured in the previous two days. The question now arises whether the ADA/USD pair can extend its recovery trend, especially as it trades almost 80% below its September 2021 peak of $3.16.Interestingly, the downside retracement began after ADA tested its 50-day exponential moving average (50-day EMA; the red wave in the chart below) as resistance. Also, the pair moved lower in tandem with a broader correction sentiment across riskier assets, including Bitcoin (BTC) and the S&P 500 (SPX).ADA/US

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We współpracy z: https://cointelegraph.com/news/cardano-price-fake-out-ada-s-45-rebound-in-two-days-could-trap-bulls

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