Cardano ADA bearish because it's a "security"

ADAUSDT

After breaking down from the ascending channel pattern on June 5, Cardano succumbed to significant selling pressure. The downward movement persisted, and on June 10, the ADA/USDT pair fell below the crucial support at $0.24. This drop pushed the RSI deep into oversold territory, indicating that the selling may have been excessive in the near term.

A recovery was initiated with strong buying at $0.22, which could first reach $0.29 and then the 20-day EMA ($0.33). This zone is likely to witness fierce battles between the bulls and bears, and if the price turns downwards from this zone, it will indicate that the bears continue to dominate.