Cardano Ecosystem





Assessing Cardano's chances of a bounce to $0.3

Active Currencies 9921 Market Cap...

Assessing Cardano's chances of a bounce to $0.3

Active Currencies 9921

Market Cap $1,215,695,268,232.80

Bitcoin Share 48.69%

24h Market Cap Change $-0.08



Assessing Cardano’s chances of a bounce to $0.3

Assessing Cardano's chances of a bounce to $0.3

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • The Open Interest of Cardano continued to slump, showing bearish sentiment.
  • ADA bulls could attempt to push prices higher after the retest of a nearby bullish order block.

Bitcoin [BTC] dominance has trended higher since 15 June. Since then, BTC has surged from $25k to touch $31k before a minor dip back to $30k. The rise in BTC Dominance meant the altcoin market was unable to keep pace with BTC bulls.

Read Cardano’s [ADA] Price Prediction 2023-24

Since 15 June, Cardano [ADA] rallied from $0.25 to $0.3 but has retraced most of those gains in the past five days. While the short-term bias was bearish, ADA bulls have some reason to be optimistic about another move back to $0.3.

Cardano retraces almost all the gains of the past two weeks; will this result in a range?

Is Cardano [ADA] in a short-term downtrend or a range?

Source: ADA/USDT on TradingView

While the Cardano network noted a surge in TVL, this was not mirrored on the price charts. The 4-hour chart showed a bearish market structure break on 24 June after the rejection from the $0.3 resistance.

At the time of writing, ADA was on the verge of dipping beneath the $0.272 level. This level had acted as resistance two weeks ago, but buyers were hopeful that they could halt the bears at that level upon a retest. In that scenario, prices would likely climb back toward $0.3 and follow the range formation.

They had no such luck and the price dipped to $0.26. This represented a bullish order block from mid-June, and ADA bulls had their fingers crossed for a positive reaction from the price. The RSI showed bearish momentum. The DMI showed a strong downtrend was beginning, with the ADX (yellow) and -DI (red) both above 25.

Depressed Open Interest pointed toward disinterested bidders

Is your portfolio green? Check the Cardano Profit Calculator

Since 25 June, the spot CVD behind Cardano has been falling. This showed a rise in selling pressure. This was accompanied by a fall in Open Interest alongside dropping prices since 27 June.

Taken together, the Coinalyze data showed that the sentiment was bearish in the short-term. The findings supported a move beneath $0.26, and a drop below the $0.254 mark would reinforce the bearish trend.

Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.


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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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