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What’s next for Cardano as Q3 decline prevails?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

ADA has been on a steady depreciation since July.
Open Interest rates didn’t improve much despite the recent recovery.

If you’re a Cardano [ADA] trader, you might have noticed the multi-month trendline resistance, especially on the higher timeframe. When captured using the parallel channel, the price action has steadily declined since mid-July.

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At press time, the price action had bounced near the mid-range of $0.238, but sellers were betting against further upside beyond the range-high, as shown by the red candlestick.

Will sellers drive Cardano lower?

Source: ADA/USDT on TradingView

Since mid-July, ADA’s price action has faced price rejection at the range-high. If the trend persists, the press time price action could face the same fate.

Besides, the range-high of $0.2495 had a confluence with the 50-EMA (Exponential Moving Average) on the daily chart at press time. So, sellers could camp at the roadblock and force another decline to the H4 bullish order block of $0.2367 – $0.2433 (cyan), the mid-range or the range-low (near $0.21).

Conversely, a daily candlestick session close above the range-high and 50-EMA will reinforce a bullish intent. However, the daily market structure will only flip bullish if ADA exceeds $0.26. If so, the next target will be $0.28.

Meanwhile, the RSI has labored in the low range since August, demonstrating elevated sell pressure in Q3. On the contrary, the CMF reclaimed the zero mark in Septe

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Author: Benjamin Njiri

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