Cardano (ADA) closed June with a 16% price drop, continuing its months-long downtrend. Surprisingly, this decline happened despite two major ecosystem developments that should have boosted investor confidence.

Positive News, Negative Price Action

June brought significant announcements for Cardano:

1. Cross-chain integration with XRP (June 14) – A move to improve liquidity and interoperability
2. Coinbase’s cbADA launch (June 25) – A wrapped version of ADA on Base L2 to enable DeFi participation

Yet, these milestones failed to stop the bleeding. Data shows $182.1 million in spot market outflows during June, indicating strong selling pressure and waning investor interest.

Why ADA Keeps Falling

Several concerning trends emerged:

• Only 45.97% of ADA holders remain in profit (down 27% in a month)
• The Elder-Ray Index shows persistent seller dominance since mid-June
• Low buying demand can’t counteract ongoing sell-offs

What’s Next for ADA?

Bearish Scenario:

• Continued selling could push ADA to $0.52
• Weak holder sentiment may prolong the downtrend

Bullish Possibilities:

• If developments spark demand, ADA could climb to $0.59
• Breaking this resistance might target $0.64