Analysis
Cardano: Will bulls hold on as bearish pressure persists?
ADA’s pullback eased at a bullish zone near $0.24 amidst high liquidation of long positions. Will bulls contain the bearish pressure?
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- ADA’s pullback graced a range-low near $0.24.
- More long positions were wrecked on the early 12 October Asian trading session.
The crypto market posted more losses during the daily trading session on 11 October. Bears overwhelmed the market after the September FOMC Minutes. Cardano [ADA] shed 0.36% and graced a range-low near $0.24.
Read Cardano [ADA] Price Prediction 2023-24
On the other hand, Bitcoin [BTC] cleared the liquidity level at $27.2k. It headed lower and threatened to retest the range-low near the $25k area at press time.
AMBCrypto’s ADA’s price prediction on 10 October correctly projected a drop to the confluence of the range-low and D1 bullish order block (OB) at $0.24. But a rebound was elusive at the bullish zone at press time.
Will ADA bulls withstand the bearish pressure?
Source: ADA/USDT on TradingView
The D1 bullish OB and range-low area eased the pullback at the end of September. If the level rescues bulls again, ADA could swing to range-high ($0.258) or the overhead roadblock and H12 bearish OB at $0.27 if the $0.25 obstacle is cleared.
ADA’s market recorded capital inflow improvement as shown by the northward movement of the CMF (Chaikin Money Flow). However, the metric was negative at press time and showed persistent bearish pressure.
The negative RSI confirmed the bearish posture. It indicated that the sellers’ conviction loomed large.
How much are 1,10,100 ADAs worth today?
More long position rekt
Source: Coinglass
The bearish pressure was recorded in the Futures market, too. ADA saw more long positions wrecked at the time of writing. In the past 24 hours before press time, long positions were discouraged. It showed bearish sentiment in the derivatives market.
However, overall crypto liquidation data showed negligible difference between rekt short and long positions the past 4 hours before press time. It meant a narrow range formation was likely before wild price swings after the September CPI data release.
