Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- ADA threatened to push below $0.26 at press time.
- The next buying interest level was $0.25, as indicated by MobChart.
Since mid-August, Cardano [ADA] prices have been below the $0.28 roadblock. A recent extended recovery faltered at the same roadblock, making it a key supply area.
Read Cardano’s [ADA] Price Prediction 2023-24
In a previous ADA price prediction, AMBCrypto was bullish on the asset. The bias was hinged on ADA’s move above the past hurdle at $0.25. The projection was validated, but price action reversed at the overhead hurdle above $0.27.
Can buyers stop the drop?
Source: ADA/USDT on TradingView
ADA shed about 5% after the rejection at the H12 bearish order block (OB) of $0.2695 – $0.2785 (red). But the reversal eased at the 50-EMA (Exponential Moving Average), just below the range-high of $0.258.
If sellers crack the range high and the dynamic 50-EMA (yellow line), bulls could re-group at the mid-range of $0.25 or the range-low of $0.24.
However, any possible rebound at the next support levels must face the sticky roadblock above $0.27.
Meanwhile, the RSI and CMF retreated southwards, denoting selling pressure intensified amidst a drop in capital inflows in the past few days.
$0.25 was key buying interest level
Source: MobChart
Data from MobChart, an order flow analysis platform, revealed over 600k ADAs, >$171k based on $0.258 press time value, of buy limit orders placed at the $0.25 level. So, a breach of range-high and 50-EMA could ease at the mid-range of $0.25.
How much are 1,10,100 ADAs worth today?
On the sell side, the key sell limit orders were placed at $0.265, $0.2675 and $0.270, as shown by the red lines.
So, if BTC posts losses and drops below $27.5k, ADA’s price could drop to the mid-range. Otherwise, a BTC rally could set ADA to re-target the $0.27-$0.28 hurdle.