- Cardano’s market structure is bearish after it recently dropped below $0.45.
- A sudden imbalance could frustrate the efforts of buyers to recover.
Cardano [ADA] It is a DeFi and NFT sectors decline in value last month. Along with the price decline of ADA, user activity also declined. The token was in a band between $0.5 and $6.85.
AMBCrypto’s Cardano prediction was bearishly influenced. The chances of the formation of a short-term trading range over the next Two weeks around the $0.5 mark.
Bulls are not powerful in the stock market until the $0.568 becomes a support.
A combination of fair-value gap and midrange presented formidable resistance
It is easy to see the formation of ranges on the daily chart. When the price dropped below $0.568, the chances that ADA would trend higher in Q2 of 2024 decreased.
The mid-range level is also the same. After being rejected at the balance (white zone), the price of gold was once more near to its range lows.
Since nearly six weeks, the RSI is below neutral 50.
The OBV showed a firm downward movement. The OBV fell below an important support level, (dotted in white), and indicated strong selling pressure.
Cardano’s price is expected to fall more than $0.4 if you combine these three factors.
Probability of testing $0.5 next
![Cardano Liquidation Heatmap](https://fxruhanahmed.com/2/wp-content/uploads/2024/04/1714310944_276_Cardano-price-prediction-050-is-near-but-bears-can-pull.png)
![Cardano Liquidation Heatmap](https://fxruhanahmed.com/2/wp-content/uploads/2024/04/1714310944_276_Cardano-price-prediction-050-is-near-but-bears-can-pull.png)
Source: Hyblock
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This heatmap shows that $0.483 ($0.527) and $0.483 ($0.527) are liquidation amounts. next Interest areas. After the $0.45 liquidity was obtained, it appeared that a move towards the $0.5 to $0.52 region would be likely.
In the southern part of the market, $0.41 is also the level where there are a lot of levels for liquidations. Cardano’s likely trading range for this week is $0.41-$0.51.
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Source: ambcrypto.com