Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- ADA’s sharp rally faced rejection June high of $0.382.
- Funding rates were positive even as short-term sell pressure increased.
Cardano [ADA] cleared the sticky $0.3 hurdle, but it isn’t out of the woods yet. Bitcoin [BTC] hit a new high of $31.8k on 13 July, tipping ADA to clear the $0.3 hurdle. However, BTC retreated at the time of writing, threatening ADA to clear some of its recent gains.
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ADA struggled to bypass the $0.3 hurdle in the second half of June and early July. Although BTC’s upswing on 13 July boosted Cardano bulls to clear the hurdle, the rally was rejected at a bearish order block, which aligned with the June high.
Cardano: Where will the pullback ease?
The recent massive pump was rejected at the bearish order block of $0.375 – $0.382 (red), aligned with the June high. The pullback cleared the May support of $0.356 at the time of writing.
Although bulls are expected to mount resistance at $0.337 to prevent further drop, an ideal buying level would be a pullback retest of the breakout level of $0.3 (March low) or close above the bearish OB of $0.375 – $0.382. The likely target would be bearish OB for the former, while the latter would re-target $0.42.
However, a breach below $0.3 will tip the scale in favor of the bears, with $0.26 a likely stop in such a bearish scenario.
Meanwhil
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Author: Benjamin Njiri
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