The coin could drop to $0.2963, as trading volume and active addresses declined.was in an extended price pullback that threatened to slip lower. At press time, it was trading at $0.2992 but still looked slippery. As suggested by technical indicators and on-chain metrics, a drop to $0.2963 could be feasible.
At the time of writing, ADA recorded a bullish hammer . It showed that bulls opposed selling pressure despite being overwhelmed at the time of publication. In addition, the On Balance Volume has been recently making lower lows, which could also undermine buying pressure.However, a candlestick close above $0.3016 would invalidate the above bearish outlook, especially if BTC is bullish. Such an upward move could set ADA to retest several resistances, with the immediate level at $0.3026.Cardano saw a drop in sentiment into the negative territory, showing a bearish outlook. In addition, trading volume dropped slightly.