ADA Bulls Rally: Can Prices Break Past Resistance to Reach April Highs?

17. Mai 2023 Aus Von admin

• ADA bulls briefly halted a month-long bearish swing, but could not break past the $0.3760 resistance level.
• BTC’s short-term push to $27k could determine ADA’s next move; if bulls surpass the $0.3760 resistance, prices could reach the April highs of $0.4161 or $0.4580.
• Alternatively, a re-test of the $0.3505 support and the bullish order block will see prices sink further and target March low of $0.3140.

Analysis of Cardano [ADA]

Bullish Rally Rejected at Range-High: What Comes Next?

Cardano [ADA] bulls briefly halted a month-long bearish swing, but failed to break past the $0.3760 resistance level at their first attempt. The altcoin remained stuck in a tight price range as buyers and sellers weighed up their next moves carefully in the futures market with Open Interest (OI) data fluctuating between low and high values over time. Furthermore, Bitcoin’s short-term push to $27k could determine ADA’s next move: if bulls manage to surpass this resistance level, prices could reach the April highs of either $0.4161 or$ 0.4580; however, if bears enforce another price breakdown then ADA may sink further down and target March low of$ 0.3140 instead.

Significant Bearish Sentiment Around ADA

An earlier report highlighted that there was significant bearish sentiment around ADA and that it was important for bulls to defend the key support level at $0