![Cardano [ADA] retests Q1 price ceiling- Will bulls go forth?](https://i.headtopics.com/images/2023/4/13/cryptoamb/cardano-ada-retests-q1-price-ceiling-will-bulls-go-cardano-ada-retests-q1-price-ceiling-will-bulls-go-1646567175161774084.webp)
Cardano [ADA] hit the price ceiling at $0.4056, which may attract short-sellers. But near-term bulls aren’t exiting their positions just yet, thus pointing to likely consolidation in the short term.
The channel’s mid-point, alongside the $0.4056, are key obstacles that could expose ADA to more selling pressure if the price action doesn’t close above them.
At the time of writing, the RSI rebounded from the mid-level, indicating increased buying pressure. In addition, the OBV had an uptick – an increased demand for ADA in the past few days.The active hourly addresses dropped at press time, indicating trading volumes dipped. As a result, the price volume divergence could limit bulls from blasting past the $0.4056 resistance level.
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