Cardano's aggressive traders can short ADA with stop-loss above...
ADA- 2-Hour ChartThe fact that ADA was unable to flip the mid-range level to support would be quite disappointing to the bulls. On the two-hour chart, the move from $0.4 to $0.54 was used to plot a set of Fibonacci retracement levels .
They showed the 38.2% retracement level to lie at $0.493. At press time, the price had already closed a trading session beneath this level and appeared to retest it as resistance. Over the next few hours, ADA could resume its downward move.bullishness. Moreover, the $0.485-$0.505 area was a bastion in bearish hands. Based on the price action, a move lower looked to be brewing.
The 38.2% retracement level was important for the bulls to defend, but the bears have taken control of it.The Relative Strength Index also slipped below neutral 50 on the two-hour timeframe, to showA bearish crossover can be awaited to explore entering short positions for lower timeframe traders. The On-Balance Volume was once again rejected at a resistance level from earlier in July. This meant the breakout had not really begun, despite to surge to $0.54. The Chaikin Money Flow also slipped below the -0.05 mark to denote significant capital flow out of the market.To summarize, Cardano enjoyed a strong bounce over the past week taking it from $0.4 to $0.54. Yet, the failure of the OBV to break above resistance was an indication of the lack of heavy demand.
The move back below the 38.2% level also pointed toward a move to the 61.8%-78.6% pocket, the $0.43-$0.45 area.stop-loss just above $0.5Subscribe to get it daily in your inbox.
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