ADA buyers defend this support; here’s why an uptrend still seems unlikely
On 18 September, Cardano climbed from $0.245 to $0.255, a 4.3% hike. The Open Interest also advanced northward steadily, but the sentiment was not strongly bullish. ...
- Cardano (ADA) is trading within a higher timeframe support zone at $0.24.
- The short-term outlook for ADA is not strongly bullish.
- The recent bounce in prices may be exhausted as it reached a local resistance, but some buying pressure persists.
- The weekly development report from Input Output Global shows ongoing work to enhance the network, which is positive for long-term holders but may not impact prices in the near term.
- ADA has been trading within a range from $0.238 to $0.28 for close to a month, with $0.259 serving as a support level in late August and a resistance level in early September.
- ADA is currently close to the mid-range resistance, but the On-Balance-Volume (OBV) indicator has not reflected strong buying pressure yet.
- The $0.259-$0.26 region represents a short-term bearish stronghold for ADA.
- Profit-taking activity has been observed after a bounce in ADA's price, indicating speculators' tendency to book profits early.
- The market cap of ADA in BTC's terms is also mentioned, indicating demand in the Cardano spot market.
The sentiment in the article is mostly neutral, with a cautious tone regarding the short-term outlook for Cardano (ADA).