- The daily volume indicator showed that selling pressure wasn’t overwhelming.
- Cardano’s bounce was not guaranteed, but traders should also be aware of BTC price movements.
Cardano [ADA] In the hour before press time, there was a rejection in the area of $0.75 to $0.76. Bitcoin [BTC] ADA fell by 4.68% in just seven hours. The earlier report It is important to note that the reaction of the price at the resistance level $0.8 will be telling.
Before testing the resistance, bulls were rejected. BTC The altcoin markets were also roiled by weekend volatility. But the bias towards higher timeframes remained.
The range formation is in effect as long as it’s on the field. ADA The investors were presented with an excellent opportunity for a purchase, but a close invalidation was also evident.
Cardano bulls should bid now on the dip
Source: ADA/USDT TradingView
The market sentiment was shot — the fear and greed index Standing at 30 indicates fear. This has indicated a fearful mood throughout March.
Price action and recent online activity indicate that ADA might struggle to keep support at the $0.6 price level. The risk/reward ratio for swing traders is still favorable.
The recent dip in ADA to $0.58 is likely a result of liquidity accumulating. The prices could fall as a result.
The low of last week at $0.647 is still a good entry point for long positions. Stop-loss levels are recommended between 3% and 5% below the level. It is a combination of technical indicators showing a lack of strong bearish bias and support at the lowest point of the trading range.
The A/D line had retraced its gains since early March, but it did not fall below the local lows. The CMF also remained in neutral territory and the capital outflows indicated by the indicator were substantial.
Awesome Oscillator exhibited a weakened bearish movement. These factors all pointed to the region between $0.65 and $0.68 as one that is likely to see a bounce in price.
Coinglass
It was clear from the heatmap that there were pockets of liquidity near the prices. This would likely pull the price down before it bounced.
However, it was not a guarantee that Cardano would bounce from here — it would be heavily dependent on BTC trends in the next 24–48 hours.
Disclaimer: All information provided is the opinion and solely of the writer. The author does not provide any financial or investment advice.
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Source: ambcrypto.com
