![Cardano [ADA]: Bears remain firmly in control – will bulls see reprieve](https://i.headtopics.com/images/2023/5/10/cryptoamb/cardano-ada-bears-remain-firmly-in-control-will-bu-cardano-ada-bears-remain-firmly-in-control-will-bu-1656352150203555841.webp)
Cardano [ADA] selling pressure persists despite bulls' fight to regain control. Which way for ADA amidst increasing macro uncertainty?
Besides the US debt ceiling crisis and key inflation data, the April CPI is expected to increase price volatility. Inasmuch, here are the key levels macro traders should consider.Near-term bears cracked the $3750 support on 8 May – gaining more ground and leverage. Notably, the support has been a crucial level for bulls since late March.
The attempted recovery by bulls on 8 May was blocked by the $0.3750 level – effectively flipping it to resistance. At the time of writing, price action hovered below it, as RSI and CMF remained negative – a bearish short-term outlook. As such, ADA could sink to lower support levels at $0.3487 or $0.3368. An extreme downswing could push it to the March lows near $0.3015. These levels can act as shorting targets in such a downtrend scenario.
Contrary to the above, a clearance of the $0.3750 obstacle and resistance level will give bulls little leverage. But the upswing could falter below $0.4000 – a recent high in May. A move beyond this level could set ADA to retest the supply zone at $0.4200.ADA’s weighted sentiment hit its recent low around 6 May. After that, there was a slight improvement, as sentiment flipped to positive on 8 May. Interestingly, trading volumes improved, too, in the same period.
However, both metrics dipped at the time of writing. Trading volume fell from over $300 million on 8 May to around $180 million at press time, which could offer sellers more leverage.In the same period, investors’ confidence was shaken, but sentiment remained above the neutral level.Share
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cardano founder Charles Hoskinson on crypto FUD, U.S. regulations, and ADA’s futureCardano continues to focus on growth despite going through yet another wave of uncertainty. The network has maintained healthy development activity in the last four weeks. However, investor sentiment wavered during the same period.
Read more »
![Litecoin [LTC]: Bears gained ground – Will bulls defend the $80 support?](https://i.headtopics.com/images/2023/5/9/cryptoamb/litecoin-ltc-bears-gained-ground-will-bulls-defend-litecoin-ltc-bears-gained-ground-will-bulls-defend-1655702870182842369.webp?w=640)
Litecoin [LTC]: Bears gained ground – Will bulls defend the $80 support?Litecoin [LTC] is stuck in a bearish structure as BTC faces elevated short-term selling pressure.
Read more »
Now that Cardano’s load is at 94% users can expect this in the near futureSebastian Guillemot, co-founder of dcSpark and contributor to the Cardano platform stated that Cardano's load was at 94% as of 8 May 2023. Upon hitting the 100% load, transactions could take a longer time to process. The executive also stated improvements that could be made on the chain.
Read more »
Avorak AI and Cardano focuses on scalability for overall growthEthereum is an example of a step forward in technology. As the first new public […]
Read more »
Cardano taps Hydra to undercut Ethereum as gas fees skyrocketADA has been lending favor to the bears for the last few days. It has notably been slipping below an ascending support line after failing to secure enough bullish momentum to support a pivot.
Read more »
Nanaimo bears becoming habituated due to unsecured garbage: BC COSThe Conservation Officer Service is warning unsecured garbage and compost in Nanaimo is leading to three bears becoming habituated.
Read more »