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22.11 - 19:43
Here’s how Cardano can break away from its bearish shackles
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Cardano has been in a constant downtrend since early-September and has struggled to recover lost ground even during broader market rallies. The last rally was observed between 5-10 November, although bulls were unable to clear the 38.2% Fibonacci level.
Over the near-term, ADA could continue its consolidation and expect traders to shift back to long positions once ADA closes above $2.30. At the time of writing, ADA traded at $2.06, up by 1.2% over the last 24 hours.
Source: ADA/USD, TradingView
A look at ADA’s On Balance Volume’ downtrend shows that selling pressure has increased significantly. Especially since the price hit record levels at $3.09 in early-September. However, the OBV did break away from its streak of lower lows and has
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