Journalist
Posted:
- Cardano was down 50% compared to his December $ 1.3 peak.
- At the time of the press, the price of ADA reached a central point, but the demand was still low.
Cardano’s (ADA) Weekly losses exceeded 12% while the lower pressure continued after the Bitcoin fall (BTC) below $ 90,000.
Even ETF Cardano in gray levels thanksT has not induced a lot of demand, strengthening macro uncertainty as a key risk factor for Altcoin and the wider market.
However, the slight 2% drop in Bitcoin domination was a new positive, which could offer altcoin relief, including ADA. So, what does price action involve?
Cardano reaches the central level
Source: ADA / USDT, tradingView
At the time of writing the editorial staff, Cardano was down 50% compared to its December 1.3 summit, marking a channel to the downward trend of several months (white). The current price action retested the channel fork, which also doubled as an Haussier command block (probably support, Cyan) at $ 0.69.
However, technical indicators have mixed signals. The daily RSI is lower than a neutral level, indicating silent demand. But the monetary flow of Chaikin (CMF) overturned positive, suggesting improved entries.
In simple terms, Ada Bulls could try to defend the beach-show, if BTC recovers. On the contrary, a sustained sale could lead to ADA at $ 0.56, the first cooling zone after the increase in post-American elections.
ADA’s speculative interest decreases
Source: Coringlass
ADA’s low request was also obvious on the long -term market. Altcoin’s speculative interest dropped by 60% of $ 1.48 billion in January to 555 million dollars at the time of the press. This meant that investors withdraw money from the derivative market, a lower signal.
From the point of view of liquidity, there were four key liquidity pockets (bright yellow) which deserve to be followed. The levels were $ 0.78, $ 0.75, $ 0.7 and $ 0.62.
Source: Coringlass
The $ 0.78 was aligned on the mid -range level of the canal, while $ 0.62 coincided with the beach hollows. In the event of liquidity scanning, Altcoin could fluctuate between these key levels, especially if BTC fails to define a decisive direction.
