Cardano showed bearish signs in social media engagement, price action, and technical indicators- but liquidation levels could save the day.
Since the $0.39-$0.4 liquidity cluster has been swept, and liquidity attracts prices, a bullish move from here on was possible.in a recent analysis. In doing so, they revealed what the sentiment was like and that the bears were likely dominant. But just how dominant?
AMBCrypto looked closer at the price action and liquidity pools to assess where ADA is likely headed next. Here’s what we found, and what traders can use to plan their next moves.At the $0.4 zone, a bullish breaker block was identified as a demand zone for ADA. In the past few days of trading, it held briefly as support but has given way at press time.This came after the breakout past a long-term falling wedge formation.
The OBV was unable to breach a local resistance and the CMF was below -0.05 to reflect heavy capital flow out of the markets. The RSI was below neutral 50 to indicate bearish momentum was rising.The technical indicators and price action outlined little hope, but the liquidation heatmap offered some. The magnetic zone of liquidation levels at the $0.46-$0.48 region could attract prices toward them.Since the $0.39-$0.
However, the buyers will have to battle against a lack of social media hype and weakened demand to achieve this. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
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