Cardano prices managed to breach the local range highs at $0.28 and looked headed for a bullish retest at press time
The Open Interest of Cardano, which had been rising with the prices a few days ago, has been lukewarm over the past two days to indicate waning positive expectations from speculatorsDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionThe range that ADA traded within was respected a little more than a week ago. The confluence of support at the $0.24 territory andThe range extended from $0.238 to $0.
The Relative Strength Index was also well above neutral 50 and reflected hefty upward momentum. But is this enough to ensure continued gains for the token? Any healthy trend has significant pullbacks, and one such could be around the corner for ADA. To the north, the $0.3 was a notable higher timeframe resistance level and was also a psychological level for the bulls to contend with. It was possible that ADA would consolidate beneath this level before another push northward.The Cumulative Liq Levels Delta had advanced deep into the positive territory. It captured the idea that bulls were in a riskier position than bears as things stood. The liq levels showed multiple long liquidations worth more than $2 million sat in the $0.268-$0.
More importantly, the spot Cumulative Volume Delta was in decline, a worrying factor for the bulls. An increase in sell pressure could see ADA dip to $0.27 or lower. BTC’s volatility or even a drop toward $30k could see ADA undo a good chunk of its recent gains.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.