{"id":151249,"date":"2023-09-07T08:38:02","date_gmt":"2023-09-07T03:08:02","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=151249"},"modified":"2023-09-07T08:38:02","modified_gmt":"2023-09-07T03:08:02","slug":"cardano-forms-short-term-range-can-traders-navigate-it-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/cardano-forms-short-term-range-can-traders-navigate-it-crypto-news\/","title":{"rendered":"Cardano forms short-term range, can traders navigate it? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"single-post-author-top\">\n<p>\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" data-del=\"avatar\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2021\/12\/Akashnath-pfp-80x80.jpeg\" class=\"avatar pp-user-avatar avatar-48 photo \" height=\"48\" width=\"48\" \/><\/p>\n<p>Journalist<\/p>\n<\/p><\/div>\n<p>\t\t\t\t\t\t\t\t<span class=\"mvp-post-date updated\">Posted: September 7, 2023<br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span><\/p>\n<\/p><\/div>\n<div>\n<p><i data-stringify-type=\"italic\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>Cardano was trading within a bullish order block from the weekly timeframe.<\/em><\/li>\n<li><em>A reversal of the downtrend is expected- but buying pressure remained weak.<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/cardano\" data-wpel-link=\"internal\">Cardano [ADA]<\/a> saw an encouraging spike in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/cardano-network-activity-rises-while-ada-plummets-what-next\/\" data-wpel-link=\"internal\">network activity<\/a> over the past few months. Santiment\u2019s data showed that the weekly on-chain transaction volume has climbed immensely since January this year.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Read <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/cardano-price-prediction\" data-wpel-link=\"internal\">Cardano\u2019s [ADA] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<p>The TVL to market cap ratio showed the asset might be severely overvalued, which was something investors would not want to hear. ADA was in a long-term support zone, and the bulls will be looking to reverse recent losses.<\/p>\n<h4>The short-term range lows offered a low-risk buying opportunity<\/h4>\n<div id=\"attachment_341423\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-ADA-price.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-341423\" class=\"size-full wp-image-341423\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Cardano [ADA] bulls look to force a bounce from near-term support- will they succeed?\" width=\"2560\" height=\"1451\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-ADA-price.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-ADA-price-300x170.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-ADA-price-1024x581.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-ADA-price-768x435.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-ADA-price-1536x871.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-ADA-price-2048x1161.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-ADA-price.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-341423\" class=\"size-full wp-image-341423\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-ADA-price.png\" alt=\"Cardano [ADA] bulls look to force a bounce from near-term support- will they succeed?\" width=\"2560\" height=\"1451\" \/><\/a><\/p>\n<p id=\"caption-attachment-341423\" class=\"wp-caption-text\">Source: ADA\/USDT on TradingView<\/p>\n<\/div>\n<p>The cyan box extended from $0.239-$0.266, and represented a bullish order block from the 1-week chart. It was formed in late December 2022 and has been previously tested in June.<\/p>\n<p>Due to the previous retest and rejection from the $0.365 resistance band, it is safe to conclude that the bulls are weaker this time. The OBV showed a downtrend in progress over the past month. This signaled persistent selling volume and that the buyers had not gathered the strength to make a stand yet.<\/p>\n<p>The market structure and momentum on the 4-hour chart had been bearish in September, but have begun to shift over the past couple of days. Moreover, ADA has formed a range (orange) that reached from $0.25 to $0.28.<\/p>\n<p>The confluence of the HTF support at $0.25 and the range lows meant an attractive risk-to-reward buying opportunity was present. A move below $0.249 would invalidate the range, and the bullish idea as well.<\/p>\n<h4>The spot CVD took a hit as sentiment remained lukewarm<\/h4>\n<div id=\"attachment_341424\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-coinalyze.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-341424\" class=\"size-full wp-image-341424\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Cardano [ADA] bulls look to force a bounce from near-term support- will they succeed?\" width=\"2560\" height=\"1456\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-coinalyze.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-coinalyze-300x171.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-coinalyze-1024x582.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-coinalyze-768x437.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-coinalyze-1536x874.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-coinalyze-2048x1165.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-coinalyze.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-341424\" class=\"size-full wp-image-341424\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/PP-3-coinalyze.png\" alt=\"Cardano [ADA] bulls look to force a bounce from near-term support- will they succeed?\" width=\"2560\" height=\"1456\" \/><\/a><\/p>\n<p id=\"caption-attachment-341424\" class=\"wp-caption-text\">Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinalyze.net\/cardano\/open-interest\/\" data-wpel-link=\"external\">Coinalyze<\/a><\/p>\n<\/div>\n<hr \/>\n<p style=\"text-align: center\">Realistic or not, here\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" data-wpel-link=\"internal\">ADA\u2019s market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p>The price action was relatively flat and hovered at about the $0.26 level over the past five days. During this time, the Open Interest slowly slid lower, which hinted at discouraged longs. The lack of capital influx meant speculator conviction was low, and they preferred to remain sidelined.<\/p>\n<p>The funding rate was positive, and showed the majority of positions were bullish. The spot CVD climbed higher with great effort over the past week, but took a big hit in recent hours when ADA dipped from $0.259 to $0.256.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Journalist Posted: September 7, 2023 Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. Cardano was trading within a bullish order block from the weekly timeframe. A reversal of the downtrend is expected- but buying pressure remained weak. Cardano [ADA] saw an encouraging [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":151250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-151249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=151249"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151249\/revisions"}],"predecessor-version":[{"id":151255,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151249\/revisions\/151255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/151250"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=151249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=151249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=151249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}