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Cardano Ecosystem

AMBCrypto

10/05/2023

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Cardano: Buyers and sellers tussle for $0.26

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. ADA threatened to push below $0.26 at press time.  The...

Cardano: Buyers and sellers tussle for $0.26

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

  • ADA threatened to push below $0.26 at press time. 
  • The next buying interest level was $0.25, as indicated by MobChart. 

Since mid-August, Cardano [ADA] prices have been below the $0.28 roadblock. A recent extended recovery faltered at the same roadblock, making it a key supply area. 


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


In a previous ADA price prediction, AMBCrypto was bullish on the asset. The bias was hinged on ADA’s move above the past hurdle at $0.25. The projection was validated, but price action reversed at the overhead hurdle above $0.27. 

Can buyers stop the drop?

Cardano

Source: ADA/USDT on TradingView

ADA shed about 5% after the rejection at the H12 bearish order block (OB) of $0.2695 – $0.2785 (red). But the reversal eased at the 50-EMA (Exponential Moving Average), just below the range-high of $0.258. 

If sellers crack the range high and the dynamic 50-EMA (yellow line), bulls could re-group at the mid-range of $0.25 or the range-low of $0.24. 

However, any possible rebound at the next support levels must face the sticky roadblock above $0.27. 

Meanwhile, the RSI and CMF retreated southwards, denoting selling pressure intensified amidst a drop in capital inflows in the past few days.

$0.25 was key buying interest level

Cardano

Source: MobChart

Data from MobChart, an order flow analysis platform, revealed over 600k ADAs, >$171k based on $0.258 press time value, of buy limit orders placed at the $0.25 level. So, a breach of range-high and 50-EMA could ease at the mid-range of $0.25. 


How much are 1,10,100 ADAs worth today?


On the sell side, the key sell limit orders were placed at $0.265, $0.2675 and $0.270, as shown by the red lines. 

So, if BTC posts losses and drops below $27.5k, ADA’s price could drop to the mid-range. Otherwise, a BTC rally could set ADA to re-target the $0.27-$0.28 hurdle. 

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ORIGINAL SOURCE

https://ambcrypto.com/cardano-buyers-and...

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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