Assessing Cardano’s chances of a bounce to $0.3
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.