![Cardano [ADA] faces rejection at $0.41, how low can it go?](https://i.headtopics.com/images/2023/2/22/cryptoamb/cardano-ada-faces-rejection-at-0-41-how-low-can-it-cardano-ada-faces-rejection-at-0-41-how-low-can-it-1628402984483753985.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The H4 market structure flipped to favor sellers. A bullish order block to the south could see a reversal. Cardano [ADA] was unable to hold on to the gains it made in the latter […]
in the US recently was also a factor in shifting the sentiment toward fear. However, it was likely that ADA can recover and push higher after a revisit to a crucial zone of support.When ADA was trading above the $0.4 mark a few days ago, the market structure on the four-hour chart was bullish. The strong surge past $0.37 on 14 February meant the previous bearish structure was broken. A higher low was subsequently set at $0.389.
The Directional Movement Index showed that the -DI value was above 20, and the ADX was on the verge of crossing over above 20 as well. If that happened, it would be an indication of a strong downtrend.
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