ADA bulls are stuck at the $0.3 roadblock again, strapping the H4 market structure into a bearish grip - what's next?
In the meantime, BTC’s pierce consolidation above $30k continues, which could imply a bullish sentiment on one hand but a possible pullback on the other.The H4 market structure, like the D1 price chart, was bearish at the time of writing unless ADA zoomed past $0.3. Nevertheless, a candlestick session close above $0.3 will only be a bullish intent and not a guaranteed rally.
Most importantly, the $0.3 is a March low and a bearish market structure breaker. That makes it a crucial resistance level for near-term bulls. So far, the recovery from 10 June hasn’t broken the bearish market structure. Notably, ADA has been rejected four times at $0.3, further highlighting buyer exhaustion at the level.
Hence, sellers could extend gains to $0.26 if the roadblock persists. That could leave bulls with only two options – wait for a retest of $0.26 support or a pullback retest at the breakout level of $0.3 for buying opportunities. Meanwhile, RSI and MFI eased above the median mark. In particular, MFI chalked a sideways movement, suggesting a likely narrow price consolidation below $0.3 with a potential clear direction from Monday .The funding rate fluctuated
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