Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Previous $0.3750 support was retested as resistance.
- Trading volumes dipped, along with investor confidence.
Besides the recent Fed rate hike, markets are readjusting to the US debt ceiling debate. In particular, Cardano [ADA] wavered in the past few days, swinging from $0.3750 to $0.3531.
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ADA traded at $0.3643 and flashed red at press time, while Bitcoin [BTC] remained stuck in the $27k zone.
Besides the US debt ceiling crisis and key inflation data, the April CPI (Consumer Price Index) is expected to increase price volatility. Inasmuch, here are the key levels macro traders should consider.
Will bears gain more ground?
Near-term bears cracked the $3750 support on 8 May – gaining more ground and leverage. Notably, the support has been a crucial level for bulls since late March.
The attempted recovery by bulls on 8 May was blocked by the $0.3750 level – effectively flipping it to resistance. At the time of writing, price action hovered below it, as RSI and CMF remained negative – a bearish short-term outlook.
As such, ADA could sink to lower support levels at $0.3487 or $0.3368. An extreme downswing could push it to the March lows near $0.3015. These levels can act as shorting targets in such a downtrend scenario.
Contrary to the above, a clearance of
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Author: Suzuki Shillsalot
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