ADA buyers defend this support; here’s why an uptrend still seems unlikely


19 Sep 2023 6:30 PM

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).

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You May Ask

What is the current trading range for Cardano (ADA)?What are the key levels of support and resistance for ADA?What indicators are being used to assess the bullish or bearish sentiment for ADA?How is profit-taking activity affecting ADA's price movement?What is the market cap of ADA in BTC's terms and what does it indicate about demand in the spot market?

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