• XRP did not see a large wave of selling on-chain.
• Cardano reflected bearish momentum on the one-day chart that could force prices lower.

Cardano [ADA] has a bullish on-chain outlook with strongly positive metrics such as development activity and active wallets. Ripple [XRP] also showed accumulation across the network.

Yet, in the past two weeks, sentiment across the crypto market has been muted. The strength of the bulls was curtailed by Bitcoin’s [BTC] pullback. Should investors load up on the dip?

ADA bulls to undergo more turmoil

The 4-hour bearish order block was briefly flipped to support in the first half of March. Unfortunately for the bulls, they couldn’t hold on.

At press time, the market structure of Cardano remains bullish on the 1-day chart.

Yet, the RSI was below neutral 50 to highlight downward momentum was building up. The OBV was retesting the December highs as support.

If it could hold on, it would be a good sign that the long-term bias was bullish.

A move to the 61.8%-78.6% retracement levels at $0.586-$0.523 is anticipated. The $0.567 level has served as support for a month, and liquidity has built up underneath it.

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Author: Akashnath S

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