Cardano (ADA) extended its bearish structure on the higher timeframes with a retest of the $0.239 support level.
A bearish breakout for Cardano looks increasingly likely. This was because ADA dropped to the $0.239 support level again. Is ADA in for more losses?Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.analysis of ADA dated 10 October highlighted the bullish struggle to keep the price above $0.25, offering a shorting opportunity for sellers.
However, the recent price action along with on-chart indicators suggested a break of the support level might be imminent. The Relative Strength Index highlighted the selling pressure with a reading of 34, as it edged toward the oversold zone. Likewise, the On Balance Volume continued to trend lower.
The bearish market structure along with the indicators hinted strongly that ADA traders could expect further price dips. Thus, a break below the support level would crush the bullish defense of the support level and extend the dominance of sellers., 97.62% of the liquidations over the past day were long positions. This amounted to $429.37k worth of wrecked buy trades.
As such, shorts gained a crucial advantage on the exchange long/short ratio. As of press time, sellers held a 51.34% share of the open contracts on the daily timeframe. Thus, the short-term bias for ADA remained fully bearish with a break of the $0.239 support looking likely over the coming days.Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times.