- Cardano has flipped HTF’s structure in a bearish manner.
- CMF indicated that buyers could force a recover.
Cardano [ADA] The range was between $0.68 to $0.447. Since January, it has been trading within the range. In the first week in March, a breakout occurred. However, the sellers quickly force prices back into the range.
AMBCrypto stated that market structure is bearish, and Fibonacci level projections are bearish targets for traders. Were we to see a dip or would the lows of the range see heightened demand?
Arguments for the possibility that range lows could be turned into resistance in the near future
Once again, the price had fallen to its range-lows. It has been closing multiple sessions daily below range low of $0.447 in the last month. This means that further downward movement is likely.
On the daily chart, there is a bearish market structure. The fair value gap at $0.52 (white box), was also tested, and the bulls failed to recover.
Combined the 1-day RSI value of 35 was a strong indicator that another downward movement would arrive soon.
The CMF indicator, which is usually at a value of 0,11 or higher, was surprising to find it at +0.11, indicating a significant buying pressure on the market. This was contrary to the other technical analyses.
The HTF 0.32 level and the 23.6% Fibonacci level at $0.3 represent the next A potential bullish turn around can be identified by identifying areas that are of interest.
Bulls will not have any chance unless this downward trend is stopped.
On the 18th April, the Open Interest dropped from $317 to $157. OI is still at $161.25M, but has not changed since.
The lack of bearish sentiment and speculative behavior was evident.
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This CVD highlights the lackluster demand for the spot market. The downward trend continued throughout the month of April. The indicator must start to turn sideways before it can signal an end to the massive pressure on the market.
Prices will continue to fall until this happens.
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Source: ambcrypto.com