Going through another major drop this week, ADA lost a psychological level and retraced deeply to a three-month low. This triggered a serious panic in the market and is now following a strong negative bias.
ADA’s overall market remains bullish on the macro level, but the trend is subjected to a downward slope following a back-to-back drop in the past month. The asset is now considered bearish on a short-term trend.
Meanwhile, the last two weeks saw the asset through its biggest drop as it broke down from the $0.8 level to $0.5 – this marked its lowest price for the first time in three months.
After a long-wick rejection, the bears showed up again and continued to mount pressure on a daily scale. Though the pressure is not much at the moment. The recent rejection suggested an exhaustion in selling. A rise in the selling volume could cause more dips in the future.
If this week’s low holds well as support, we can…
