Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Demand was hardly present behind Cardano despite the heavy losses in recent months Another drop in prices could arrive in the weeks to come The price action of Cardano has been heavily bearish in recent […]
They did nothing to add conviction to lower timeframe bulls. The price saw very little volatility in the past three days. Higher timeframe traders can wait for a move higher before assessing the odds of another bearish move.Source: ADA/USDT on TradingView
The Relative Strength Index was consistently below the neutral 50 mark since September. Early November saw bulls hope for a move above 60 on the RSI but these hopes were swiftly put to the sword. The On-Balance Volume , alongside the price, was also in a downtrend. The $0.315 level has been important for years now and served as resistance back in January 2021 and May 2018. This was the level that Cardano bulls wrestled with at the time of writing. A plunge below $0.3 could see ADA sink toward $0.245. Meanwhile, a retest of the aforementioned bearish order block at $0.33-$0.338 can offer a shorting opportunity.Santiment
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