• Cardano experienced a sharp drop below $0.24 and the bearish outlook remained unchanged.
• Bulls managed to carry out a weak rebound but lacked any conviction.
• The Open Interest pointed towards bearish dominance as RSI underlined bearish momentum.
Cardano Prices Drop Below $0.24
Cardano experienced a sharp drop below $0.24 with the bearish outlook remaining unchanged despite attempts by bulls to effect a weak rebound that lacked any conviction.
Key Support Levels Tested
The fall from $0.33 to $0.22 began a week ago and key support levels were tested, including $0.297, $0.271, and finally, the bulls barely hanging on to the $0.239 level while sentiment was down amongst holders of ADA was down . The 4-hour RSI has been below neutral 50 over the past ten days and Fibonacci retracement levels showed resistance at 61.8%. A higher low in bullish endeavours was thwarted when ADA fell below the $0.259 mark due to Bollinger bands retreating southward before recovering recently as prices failed to reach beyond $0.3 .
Open Interest Points Toward Bearish Dominance
The Open Interest also dived by just over$80 million since 9 June with spot CVD highlighting firm selling pressure behind Cardano in June amidst falling prices and RSI underlining bearish momentum over two weeks period that could see prices dip as deep as 23% extension level at $ 0 .1939 should selling pressure continue .
Bulls Lack Conviction
The bulls have been unable to hold their ground against strong short sellers with conviction during the sharp losses brought upon Cardano prices yet they managed to effect a weak bounce without any certainty if it will be sustained for long-term gains or not .
Despite attempts by bulls , Cardano is currently facing strong selling pressure which could drive prices further downwards in case of continued downward pressure leading towards testing of deeper support levels such as 23% extension level at 0 .1939