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Home»Altcoins»ADA bulls fail to defend key support; traders can prepare for this scenario
Altcoins

ADA bulls fail to defend key support; traders can prepare for this scenario

2023-10-10No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • Cardano once again tested the mid-range as resistance this weekend
  • The drop below the daily support zone meant the bears were in the driver’s seat

Cardano [ADA] saw high development activity in September, which was great news for long-term investors. The short-term price action showed ADA trading within a range stretching from $0.238 to $0.28.


Read Cardanos [ADA] Price forecast 2023-24


AMBCrypto’s October 6 Cardano analysis piece highlighted that $0.25 was a key buying level. It also highlighted the $0.28 resistance as resistance to beat for ADA bulls. At the time of writing, buyers were struggling to keep prices above the $0.25 level. Should traders try to short the token?

The bearish market structure shift provides a decisive advantage in the short term

Cardano bulls fail to defend key support and traders can prepare for this scenario

Source: ADA/USDT on TradingView

The cyan box at $0.25 was a bullish breaker block on the daily time frame that formed on September 19. At press time, the H4 chart showed that ADA was on the verge of collapse. This would negate the bullish breaker and signal seller dominance.

On-Balance Volume (OBV) recorded an increase in late September, but the recent downturn has left sales volume overwhelming in recent days. The Chaikin Money Flow (CMF) was -0.26, indicating heavy capital flow from the Cardano market.

The bearish market structure, combined with the Relative Strength Index (RSI) reading of 32, meant ADA traders could anticipate further losses. In the South, the low at $0.238 coincided with the bullish order block in H4. Therefore, bulls may wait for a reaction in that region and look for buying opportunities.

See also  Cardano: Will Bulls Hold as Bearish Pressure Continues?

The steady decline in spot CVD was not good news for buyers

Cardano bulls fail to defend key support and traders can prepare for this scenario

Source: Coinalyse

The Open Interest (OI) saw a sharp drop in contracts worth $6 million as Cardano prices were reduced from $0.258 to $0.2505, a drop of 3%. This indicated bearish sentiment in the market. The spot Cumulative Volume Delta (CVD) also saw a huge drop in recent hours.


Is your portfolio green? View the Cardano Profit Calculator


A downtrend in spot CVD is usually not a good thing for bulls. ADA traders can try to short the asset to the lower range, but it could be a risky venture like Bitcoin [BTC] was in a demand region. A higher probability trade would be to wait for a drop in Cardano prices this week towards $0.238. A drop below H4’s bullish order block to $0.235 would invalidate this bullish idea.

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ADA Bulls defend fail Key prepare Scenario Support traders
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