Elliott waves were indicating that ADA had fallen below key support.
Signals from liquidity and OI levels predicted a drop to $BTC Cryptocurrency channel More Crypto Online reported that the bottom of #Cardano [ADA] has not yet been reached and another drop may not be far off.
According to the session posted on YouTube, the presenter noted that the Elliott Wave confirmed the signal.
The channel explained its point of view as follows,
We have only seen three #waves of corrective rises. They are generally not bullish and the #ADA can move down or sideways.
Elliott Waves is a technical theory that focuses on the repetition of price patterns. It allows traders to capture the tops and bottoms of cycles.
However, More Crypto Online notes that ADA falling below the $0.48 support level means that all bullish sentiment has lost strength.
As a result, prices could move down as part of wave 5, which could indicate the scope of a major decline. In this case, the price of Cardano native tokens could fall to $BTC At the time of writing, the price of ADA was $0.45 USD. In the last 24 hours, it has fallen by 2%.
AMBCrypto previously reported that the token is showing signs of reflecting the huge gains of the last 24 bull markets.
However, if recent theories are correct, this prediction could be reversed. However, Cardano's technical data alone does not work. Therefore, we tested the potential of cryptocurrencies from a #blockchain perspective.
First, AMBCrypto focused on open interest (OI). For context, OI is the sum of all open positions associated with a contract in the derivatives market.
An increase in this figure means an increase in net positions. It also means that buyers (read "longs") are active.
However, at the time of publication, Cardano's OI stood at $548.6 million, down from seven days earlier.
In this case, we can conclude that sellers (shorts) are active.
Will ADA reach the $ 0.
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