Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The $0.42-$0.4 band finally gave in to selling pressure Another leg down was likely Bitcoin showed weakness as well, expect volatility Coinglass data showed nearly $3.5 million worth of positions liquidated on ADA pairs […]
was high, the dropping TVL and the price action painted a bearish picture for ADA in the coming weeks.Since July, the $0.4-$0.42 region has been an important support zone. The $0.44 level marked the lows of a range ADA has traded within since May. In the past two weeks, ADA slipped beneath the range lows as well as the support area.
This showed that bulls were exhausted. They likely did not have a lot of ammunition left to keep the bears at bay. The higher timeframe market structure was also firmly bearish. Therefore, traders can look for a revisit to the $0.4 area before entering short positions. To the south, the $0.33 was the next major support level, and short sellers can look to take profit at $0.37 and $0.33.
The Stochastic Relative Strength Index on the 12-hour chart was on the verge of forming a bullish crossover. This development could precede a minor bounce, and a bearish crossover along with a bearish divergence on the RSI can be used to enter short positions around $0.4. The On-Balance Volume was also at a multi-month support, while the RSI has been below neutral 50 since mid-September to show strong downward momentum.
The number fell from 1.1 million to 470,000 within three weeks, and this would likely leave a negative impression in the eyes of long-term investors.Subscribe to get it daily in your inbox.
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