ADA's pullback edged lower towards a crucial breakout level of $0.3 - a previous resistance. The $0.3 could hold only if BTC ...
was yet to reverse losses incurred over the weekend too. It lost hold of $31k on Friday and briefly breached $30k. It traded at $30.01k at the time of writing, and any further drop below $30k could expose altcoins to extra losses.The Relative Strength Index retreated from the overbought zone and breached the 50-mark, reinforcing the short-term sell-pressure intensified. Similarly, the On-Balance-Volume trended southwards, highlighting a decline in demand in the past few hours.
The June high aligned with a bearish order block of $0.375 – $0.382 on the 12-hour chart. So, the roadblock, coupled with BTC’s sharp reversal, emboldened short-sellers to seek entry at the hurdle. At the time of writing, ADA’s price action edged lower toward the previous resistance level of $0.3. The $0.3 level was also a March low and a crucial resistance level in late June/early July.
Hence, bulls could see a reprieve at $0.3 if BTC doesn’t drop below $30k. The conservative bullish target will be $0.337 if that’s the case. But an extended drop below $0.290 and subsequent retest of $0.28 will invalidate the above bullish thesis.
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