Cardano showed bleak buying pressure in recent months and a bearish momentum shift, but a price rebound could be nearby.
rejection at the $70k resistance on Monday, the 29th of July, was followed by an 8.37% price drop and was trading at $64k at press time. Like many of the major altcoins, ADA also suffered.
Its market structure on the daily timeframe has been bearish since last week after falling below $0.4145. The recent market-wide losses strengthened the bearish position.The falling wedge pattern saw a bullish breakout in mid-July. The buyers briefly flipped the $0.4 zone to support but prices fell below it just a few days later, on the 25th of July. The OBV has been in a steady downtrend since April.
The MACD climbed above neutral 50 when prices rose above $0.4, but formed a bearish crossover soon after. This momentum shift combined with a lack of buying pressure meant that ADA is likely to slowly slip toward the local lows at $0.34. A range formation in the $0.34-$0.4 region over the next few weeks, alongside a rising OBV would be a sign of accumulation.The 1-month look back liquidation heatmap showed that the $0.378 was a sizeable liquidity pool. It has attracted ADA to it, which meant the local bottom is nearby. A similar price action unfolded in the final week of June.A dip below $393 to $0.383 before a bullish rebound was seen back then.
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.
Cardano price prediction: Why a July rally might not be in the cardsCardano price prediction based on technical analysis shows that a price drop of more than 10% is likely in the coming weeks.
Read more »
Why Charles Hoskinson believes Cardano isn’t ‘dead’ despite ADA’s price fallCardano Cofounder Charles Hoskinson refutes claims ADA is Dead. Ben Armstrong claimed ADA is dead and investors are getting hit.
Read more »
Cardano price prediction: How whales could turn ADA’s July prospectsThere was evidence of Cardano whales accumulating more of the token during the downtrend- is this enough to drive a rally?
Read more »
Cardano price prediction: Is a $0.5 rally still possible for ADA in July?Cardano showed bearish signs in social media engagement, price action, and technical indicators- but liquidation levels could save the day.
Read more »
Can Cardano’s Chang hardfork spur ADA’s price action again?Cardano's chang hardfork draws near but what will the implications be for the network, as well as ADA's price action?
Read more »
Cardano Chang Hard Fork launches next week: Here are the upcoming changesCardano's Chang Hard Fork is Set for Launch on July 16th.Charles Hoskinson and other leaders will step down from leadership roles.
Read more »