Cardano’s market structure and technical indicators are bearish within a 24-hour timeframe. The heat map of liquidations highlights key short-term levels that need attention.
Cardano[ADA] continues to decline on the price chart. Since losing the support level of $0.56 in mid-April, Cardano’s price prediction has consistently indicated a bearish outlook for a longer time frame. In the latter half of June, bears once again demonstrated their intentions.
The low point of $0.4 in mid-April failed to act as support, and the price has been hovering around it. This could potentially lead to a price collapse. What is the next target for sellers?
Cardano’s price prediction shows that bears will be happier in the coming days.
The range that ADA maintained between December 2023 and May 2024 has been broken and has now turned into resistance. Based on Fibonacci levels drawn during the price decline in March, we can see that the next target for bears is the 23.6% extension level of the $0.3 support.
Technical indicators on the daily timeframe are also bearish. The RSI recently attempted to break above the neutral 50 level but was rejected, reinforcing the bearish momentum.
The OBV is also in a continuous downtrend.
This indicates strong selling pressure and insufficient buying volume, making it more likely for the price to drop to $0.3 in the next step.
The heat map of liquidations shows potential range formations.
In early June, the $0.4-$0.415 range was a liquidity pocket with numerous liquidation levels. It held as support but eventually succumbed to selling pressure. In the past ten days, it has turned into resistance.
Read Cardano’s [ADA] price prediction for 2024-25.
The heat map of liquidations shows that some liquidity is building up, reaching $0.427, slightly above the recent high point. The $0.35 level is also an area of short-term focus.
The ADA price may fluctuate between $0.42 and $0.37 to increase liquidity above these two areas and then gather within a few weeks.
Disclaimer: The information provided does not constitute financial, investment, trading, or any other type of advice and is solely the opinion of the author.
