Cardano is having a hard time resuming the short-term uptrend
In the past 24 hours Bitcoin has tested the $ 57,100 area, but has faced some selling pressure that has dropped it to $ 54,400, a drop of almost 5%. Hand in hand, Cardano also fell from $ 1.17 to $ 1.11, representing a drop of 5.7%. Bitcoin rebounded and was trading at $ 57,000 again, while the ADA was a little slower and held a value of $ 1,128 at the time of this writing. Against BTC, the ADA was in a steady downtrend and just above support.
Cardano 1-hour chart
Source: ADA / USDT in TradingView
Last week the ADA formed a range whose upper and lower limits were $ 1,179 and $ 1,098. There was a significant drop to $ 1.04 at the beginning, but almost immediately the ADA recovered to test the range highs again.
The $ 1.14 mid-range mark appeared to act as support and resistance on several occasions, reaffirming the notion of a short-term breakout formation.
The past few hours have seen the ADA sink below that value and test it again for resistance; the momentum was bearish and the ADA looked set to see a fall back to $ 1.09.
The RSI fell below 50 neutrals and remained, showing an ongoing downward trend. The stochastic RSI by the hour was also in overbought territory.
At OBV, the past few days have shown a balance between buyers and sellers. Coming back a week, OBV did not notice any strong trends or spikes in any direction, yet showing no signs of breaking or breaking.
Within a range, your midpoint is the most important level, and losing that level to bears is likely to cause the ADA to fall to the lows of the $ 1.09 range. The $ 1.11 – $ 1.113 region has also had some demand in the past few days, making these two areas potential buying opportunities.