Assessing Cardano’s chances of a bounce to $0.3

AMBCrypto
AMBCrypto

29 Jun 2023 3:30 PM

The rise in BTC Dominance meant the altcoin market was unable to keep pace with BTC bulls, meaning capital flow into Cardano was small....

  • The Open Interest of Cardano has been slumping, indicating bearish sentiment.
  • ADA bulls may try to push prices higher after a retest of a nearby bullish order block.
  • Bitcoin dominance has been increasing, causing the altcoin market to struggle to keep up with BTC bulls.
  • Cardano has retraced most of its recent gains, but there is optimism for another move back to $0.3.
  • The Cardano network has seen a surge in TVL, but this has not been reflected in the price charts.
  • ADA is on the verge of dipping below the $0.272 level, with bearish momentum and a strong downtrend beginning.
  • Depressed Open Interest suggests disinterested bidders.
  • The sentiment is bearish in the short-term, with a potential drop below $0.254 reinforcing the bearish trend.

The sentiment in the article is mostly bearish, with mentions of slumping Open Interest, bearish market structure break, bearish momentum, and a potential drop in price.

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You May Ask

What is the current sentiment towards Cardano?How has Bitcoin dominance affected the altcoin market?What are the potential price levels for Cardano?What factors are contributing to the bearish sentiment?How has Open Interest and selling pressure impacted Cardano's price?

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