Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. ADA approaches support zone, low-risk buy with clear invalidation was present Bearish BTC meant the likelihood of further losses was high for ADA Bitcoin [BTC] dived beneath the $20k mark once again, after a decent […]
ADA’s inability to scale the $0.5 heights meant the longer-term outlook was bearish. But the past two days have been decidedly bearish, and another move downward appeared likely for the crypto market.Highlighted in cyan is a bullish order block from early July that has since been respected as a strong support zone. Moreover, this support zone has confluence with a range that ADA has traded within since May. This range extended from $0.64 to $0.44, with the mid-point at $0.54.
The Relative Strength Index slipped below the neutral 50 mark to show strengthened bearish momentum behind ADA. Yet, the On-Balance Volume continued to remain flat. In fact, since early August, sellers have not been able to drive the OBV downward.
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