![Cardano [ADA] inflicted a bullish breakout- Are short-sellers subdued?](https://i.headtopics.com/images/2023/3/11/cryptoamb/cardano-ada-inflicted-a-bullish-breakout-are-short-cardano-ada-inflicted-a-bullish-breakout-are-short-1634547974846963719.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ADA formed a descending channel pattern since mid-February. ADA recorded significant whale activity. Cardano [ADA] has depreciated since mid-February and formed a descending channel. But it rallied despite an overwhelming bearish sentiment as the […]
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionADA recorded significant whale activity.
A retest of the pullback and subsequent bounce from the channel’s upper boundary could confirm the continued recovery. As such, near-term bulls could make moves and target the 50-period EMA or $0.3300 if BTC doesn’t drop below $20K. The RSI retreated from oversold territory and reached equilibrium, showing strong buying pressure on March 10. However, it faced a few rejections at the mid-level in the past and could face another if the trend repeats.
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Is there an end in sight to Cardano’s [ADA] 15% shedding this week?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion The daily and 4-hour structures were bearish, giving ADA short sellers the green signal Fibonacci extension levels presented downside price targets Cardano [ADA] may be poised to see further losses on the price charts. […]
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