Cardano [ADA] shows bearishness in short-term, but reversal was possible at...
showed little impetus on the price chart. It oscillated from $21.6k to $22k, a fluctuation of close to 2%. Monday’s high and low could establish a range for the week. A move below $21.6k could herald further losses across the altcoin market, including ADA.Source: ADA/USDT on TradingView
In a similar fashion, the $0.37 level of former support was also retested as resistance. This came after ADA tested a zone of support at $0.35 and bounced. The two bullish order blocks at $0.357 and $0.327 can see some positive reactions from the price in the coming days.Traders can wait for a move beneath $0.35 and a subsequent retest to short the asset, targeting $0.33. A move back above $0.37 won’t necessarily show bullish promise- a move up to $0.4 can also offer a shorting opportunity.
The RSI on the 2-hour chart showed neutral momentum, while the OBV saw a freefall for a couple of days together. Taken together, they showed some bearish dominance in the near term.The Open Interest climbed slightly on 10 and 11 February as ADA bounced from $0.356 to reach $0.37. This attempt to break past resistance was quickly snuffed and the bearish sentiment was reinforced.
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