Intense selling pressure around Cardano [ADA] has presented a significant challenge for bulls to reverse the altcoin's dwindling price action.
weak price action kept it under the $29.5k price zone. A weak BTC could further affect ADA’s recovery plans in the short term.Buyers have been consistently rebuffed after the bearish rejection at the $0.376 resistance level. Although bulls rallied briefly at the $0.3 level, it was short-lived with bears cracking the level on 2 August.
The intense selling pressure has presented a significant challenge for bulls to reverse ADA’s dwindling price action. A look at the chart indicators didn’t present any hope for bulls in the near term. The On Balance Volume continued to decline slowly, illustrating the waning interest in ADA. In a similar fashion, the Relative Strength Index remained in the negative zone, underscoring the selling pressure over the past week.
With all evidence in favor of bears, sellers can look to extend gains between $0.24 to $0.26. On the flip side, bulls would be hoping that the $0.239 support level can usher in a rebound, just like it did in early June.
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