Cardano has a bearish market structure and persistent selling pressure in the higher timeframes, but a short-term uptrend could materialize.
The OBV has been flat over the past few days after the heavy drop in the first week of August, showing buyers were not dominant yet.was in a downtrend on the daily timeframe and was trading just beneath the resistance level at $0.355. The technical indicators showcased a bearish trend as well.
Together, they showed that the bias was bearish. The price action revealed the same, but there is some hope for the bulls Since the drop below $0.3, ADA has slowly pushed higher. The daily active addresses metric climbed higher compared to mid-July. The activity spike on the 5th of August might have been from panic selling. Another was seen on the 8th of August when prices were climbing.
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