Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer.has shed a whopping 85% in value over the past 11 months. In August 2021, the coin touched a high-water mark of $3. Once the $2.5 and $2 levels were flipped from support to resistance, the trend shifted quickly.
The past two months have seen a range established for ADA, but the price has fallen beneath the range lows over the past couple of days of trading. Now, the question is- Should Cardano buyers be wary of yet another wave of selling?In white, a range from $0.64 to $0.44 was highlighted for ADA. The psychological $0.5 level has also acted as support and resistance. In fact, the $0.48-$0.51 area was a hotly contested region on the price chart.
A set of Fibonacci retracement levels were plotted based on the move from $0.49 to $0.4 last week. The 38.2% retracement level stood resolute upon a retest from the south. It also has confluence with the range lows , which demarcated the $0.44 region as an intense area of selling.The Relative Strength Index slipped back beneath the neutral 50 line. It climbed to 47 but faced rejection, which strengthened the idea of bearish momentum behind Cardano on the charts.
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