Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author.
- Cardano bias remains on the lower time frame.
- Futures markets avoided participants and showed some selling pressure.
on Sunday, Bitcoin A pump to $25.1k saw an immediate rejection in the $24.2k area. Whether or not to trust Sunday’s pump in crypto is debatable, but this pump did cause early leveraged buyers some pain.
Data Coin Analytics The retracement of the move to $25.1 thousand showed a long selloff worth $11 million.
Reading cardano price prediction 2023-24
Cardano The end of Sunday also saw a 2.4% rise, followed by a 5% drop. Since then, the price has skyrocketed once again. What can shorter time frame traders expect in the coming week?
The search for liquidity was seen in the south late on Sunday
There was a bullish market structure on the 4 hour chart. On February 14, ADA broke above the resistance level of $0.37 and turned bullish in its structure. Since then, the price has made a series of higher lows. In the last few hours of trading, ADA fell as low as $0.389.
It was still a high low. To change the H4 bias to bearish, a 4-hour session near $0.389 is required. Meanwhile, the $0.414-$0.419 area was an imminent resistance area.
The Awesome Oscillator showed that the bullish momentum was weakening, as evidenced by the red bars forming on its histogram. However, the indicator remained above the zero level. The A/D line also posted higher lows over the past week. This suggested constant buying pressure.
realistic or not, here it is ADA Market Cap in BTC terms
Trading volumes have gradually decreased in recent days. Meanwhile, the ADA bulls knocked on the resistance at $0.42.
Given the bullish structure, an uptrend was likely in the offing. A break of $0.42 and a retest could be a buying opportunity.
Market participants remain neutral over the weekend
Open interest declined last week as ADA struggled to break above the $0.42 resistance level.
This meant that a substantial part of the participants was waiting for the market to make a decision. More than $200,000 in long positions were not liquidated due to recent volatility. This suggested that the search for liquidity did not catch many buyers.
Unlike the A/D line, the Spot CVD line has been moving lower and lower for the past two weeks, indicating a sell-off.