Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- ADA’s pullback touched a low near $0.24.
- Even more long positions were lost during the early October Asian trading session of October 12.
The crypto market posted more losses during the daily trading session on October 11. Bears overwhelmed the market after the September FOMC minutes. Cardano [ADA] lost 0.36% and reached a low near $0.24.
Read Cardano [ADA] Price forecast 2023-24
On the other hand, Bitcoin [BTC] has cleared the liquidity level at $27.2k. It traded lower and was in danger of retesting the low range near the $25k area at the time of writing.
AMBCryptos ADAs price prediction on October 10, correctly projected a decline at the confluence of the range-low and D1 bullish order block (OB) at $0.24. But a recovery has been elusive in the bullish zone at the time of writing.
Will ADA Bulls Resist the Bearish Pressure?
Source: ADA/USDT on TradingView
D1’s bullish OB and low range mitigated the late September pullback. If the level saves bulls again, ADA could swing to range-high ($0.258) or the overhead roadblock and H12 bearish OB to $0.27 if the $0.25 obstacle is cleared.
The ADA market recorded an improvement in capital inflows as evidenced by the northward movement of the CMF (Chaikin Money Flow). However, the metric was negative at the time of writing and showing continued bearish pressure.
The negative RSI confirmed the bearish attitude. It indicated that the sellers’ conviction was high.
How many Worth 1,10,100 ADAs today?
More long position stretches
Source: Coinglass
The bearish pressure was also registered in the futures market. At the time of writing, ADA saw even more long positions lost. Long positions were discouraged in the last 24 hours before going to press. It showed bearish sentiment in the derivatives market.
However, general crypto liquidation facts showed negligible difference between rekt short and long positions over the last 4 hours before press time. It meant that a narrow range was likely to emerge before wild price swings occurred following the release of the CPI data in September.
