ADA longs suffered losses over the past four days. A total of $1.86M worth of longs were liquidated against just $370.82k shorts.
ADA, at press time, was trading at a key price area. A look at the Visible Range Volume Profile tool on the four-hour timeframe showed that the Value Area High and Value Area Low was at $0.4200 and $0.3400, respectively.The RSI remained under the neutral 50 which might signal an increase in selling pressure. The OBV and volume showed buying power might be waning, as they both posted slight dips over the last 72 hours.
A concern for bears on the downward trend is the bullish order block between $0.3900 – $0.3740. Price has reacted positively at that bullish block previously. A daily candle close below the bullish order block will see increased bearish momentum with bears targeting the next support zones at $0.3542 and $0.3140.
On the flip side, the bullish order block might provide a rallying point for bulls to re-enter the market and push for $0.4200 again.
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