![Cardano [ADA] cools off into key range – Where can traders look for gains](https://i.headtopics.com/images/2023/3/15/cryptoamb/cardano-ada-cools-off-into-key-range-where-can-tra-cardano-ada-cools-off-into-key-range-where-can-tra-1636043329531006976.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ADA’s four-hour chart was bullish. The bulls had minimal leverage as per long vs. short positions. Cardano [ADA] rebounded strongly after hitting its recent low of $0.3020 on 12 March. It saw aggressive buying […]
However, BTC saw a sharp rejection at $26k and was operating below $25k at press time. Similarly, ADA hit the price ceiling at $0.368 and entered a retracement, pushing it into a key price range. As such, BTC’s price action will determine ADA’s price direction in the next few days/weeks.ADA had initially breached the $0.3306 – $0.3466 consolidation range during BTC’s extra rally after the February US CPI data release. The price rejection at $0.3679 set ADA back into the range.
Therefore, ADA could swing between $0.3306 and $0.3466 before a possible breakout. A break of the range and a close above $0.3466 could tip near-term bulls to push the price toward the overhead resistance at $0.3679. But they must clear the hurdles at $0.3513 and $0.3605. Alternatively, ADA could witness intense selling pressure if the price closed below $0.3306. But the drop could slow down at the double bottom pattern’s neckline of $0.3200 or the previous low of $0.3020. These levels could be used as short-selling targets, especially if BTC witnessed a sharp retracement towards $20k.
The Relative Strength Index pulled back from an overbought territory and moved sideways, indicating buying pressure drop, but selling and buying pressure was almost equivalent at press time. Similarly, the Average Directional Index sloped downwards, showing likely further retracement or consolidation for ADA. Given the RSI’s sideways movement, consolidation was highly likely.Bulls had slight hope based on the ADA’s long/short ratio that showed slight leverage on the four-hour timeframe.
In addition, ADA’s funding rate was positive across major exchanges, indicating the underlying bullish sentiment. But investors should track BTC’s price action to make more profitable moves.Subscribe to get it daily in your inbox.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ripple, Cardano execs double down on their criticism of U.S banking systemRipple’s Brad Garlinghouse recently pointed out United States’ broken financial system in light of Silvergate, SVB episodes Cardano’s Charles Hoskinson also criticized the government’s position on crypto Ripple CEO Brad Garlinghouse took to Twitter yesterday to set the record straight regarding his blockchain company’s exposure to the now-defunct Silicon Valley Bank. At the time, Garlinghouse […]
Read more »
North Korea tests short-range missiles after U.S.-South Korea military drills begin - National | Globalnews.caThe U.S. Joint Chiefs of Staff said the South Korean military had boosted its surveillance posture and maintained readiness in close coordination with the United States.
Read more »
Durham Behaviour Management Services changing name to reflect range of supportsAfter decades of operation, Durham Behaviour Management Services are picking a new name to reflect a wider range of services. They will now be called 'Childr
Read more »
North Korea fired two short-range ballistic missiles into sea off east coast, South saysThe latest weapons test by North Korea comes as the South and the U.S. conduct their largest joint military drills in years
Read more »
North Korea fires two short-range ballistic missiles, South Korea saysSEOUL — North Korea fired two short\u002Drange ballistic missiles off its east coast on Tuesday, South Korea’s military said, the latest in a series of weapons…
Read more »
CP Rail's US$31billion takeover of KCS gains final regulatory approvalThe U.S. rail regulator is giving a green light to Canadian Pacific Railway Ltd.'s takeover of Kansas City Southern Railway Co.
Read more »