{"id":177800,"date":"2023-10-20T13:20:46","date_gmt":"2023-10-20T07:50:46","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=177800"},"modified":"2023-10-20T13:20:46","modified_gmt":"2023-10-20T07:50:46","slug":"ada-drops-to-a-familiar-support-level-can-sellers-inflict-a-breakout-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ada-drops-to-a-familiar-support-level-can-sellers-inflict-a-breakout-crypto-news\/","title":{"rendered":"ADA drops to a familiar support level \u2014 can sellers inflict a breakout? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\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>ADA registered a 7% dip, dropping it to the key $0.239 support level.<\/em><\/li>\n<li><em>Buyers were overwhelmed in the futures market, leading to 97.62% long liquidations.<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/ADA\" data-wpel-link=\"internal\">Cardano [ADA]<\/a> extended its bearish structure on the higher timeframes with a retest of the $0.239 support level.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Read\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/cardano-price-prediction\" data-wpel-link=\"internal\">Cardano\u2019s [ADA] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/ada-bulls-fail-to-defend-key-support-traders-can-prepare-for-this-scenario\/\" data-wpel-link=\"internal\">AMBCrypto\u2019s<\/a> analysis of ADA dated 10 October highlighted the bullish struggle to keep the price above $0.25, offering a shorting opportunity for sellers. This analysis was validated with sellers taking advantage to register a 7% price dip, as bulls failed to make progress past the $0.25 price hurdle.<\/p>\n<h4><strong>Could the recent price dump trigger a break of support level?<\/strong><\/h4>\n<div id=\"attachment_352104\" style=\"width: 1883px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADAUSDT_2023-10-19_10-32-59.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352104\" class=\"size-full wp-image-352104\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADAUSDT_2023-10-19_10-32-59.png\" alt=\"Cardano ADA price chart\" width=\"1873\" height=\"1052\" \/><\/a><\/p>\n<p id=\"caption-attachment-352104\" class=\"wp-caption-text\">Source: ADA\/USDT on Trading View<\/p>\n<\/div>\n<p>The $0.239 support level has been key for buyers over several months. ADA\u2019s last major rally came from this support level in mid-June. Despite the heavy selling pressure after hitting the $0.376 resistance, the $0.239 price level has withstood multiple bearish attempts to flip the level.<\/p>\n<p>However, the recent price action along with on-chart indicators suggested a break of the support level might be imminent.<\/p>\n<p>The Relative Strength Index (RSI) highlighted the selling pressure with a reading of 34, as it edged toward the oversold zone. Likewise, the On Balance Volume (OBV) continued to trend lower.<\/p>\n<p>The bearish market structure along with the indicators hinted strongly that ADA traders could expect further price dips. Thus, a break below the support level would crush the bullish defense of the support level and extend the dominance of sellers.<\/p>\n<h4><strong>Buyers lose leverage in the futures market<\/strong><\/h4>\n<div id=\"attachment_352105\" style=\"width: 889px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_Liquidation.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352105\" class=\"size-full wp-image-352105\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"879\" height=\"497\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_Liquidation.jpg 879w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_Liquidation-300x170.jpg 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_Liquidation-768x434.jpg 768w\" data-lazy-sizes=\"(max-width: 879px) 100vw, 879px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_Liquidation.jpg\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352105\" class=\"size-full wp-image-352105\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_Liquidation.jpg\" alt=\"\" width=\"879\" height=\"497\" \/><\/a><\/p>\n<p id=\"caption-attachment-352105\" class=\"wp-caption-text\">Source: Coinglass<\/p>\n<\/div>\n<p>The liquidation data highlighted buyers running out of leverage. According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/LiquidationData\" data-wpel-link=\"external\">Coinglass<\/a>, 97.62% of the liquidations over the past day were long positions. This amounted to $429.37k worth of wrecked buy trades.<\/p>\n<hr \/>\n<p style=\"text-align: center\">How much are\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/100-ada-to-usd\" data-wpel-link=\"internal\">1,10, or 100 ADA worth<\/a>\u00a0today?<\/p>\n<hr \/>\n<p>As such, shorts gained a crucial advantage on the exchange long\/short ratio. As of press time, sellers held a 51.34% share of the open contracts on the daily timeframe. Thus, the short-term bias for ADA remained fully bearish with a break of the $0.239 support looking likely over the coming days.<\/p>\n<div id=\"attachment_352107\" style=\"width: 1025px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_long_short.jpg\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352107\" class=\"size-full wp-image-352107\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"1015\" height=\"613\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_long_short.jpg 1015w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_long_short-300x181.jpg 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_long_short-768x464.jpg 768w\" data-lazy-sizes=\"(max-width: 1015px) 100vw, 1015px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_long_short.jpg\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352107\" class=\"size-full wp-image-352107\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ADA_long_short.jpg\" alt=\"\" width=\"1015\" height=\"613\" \/><\/a><\/p>\n<p id=\"caption-attachment-352107\" class=\"wp-caption-text\">Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/LongShortRatio\" data-wpel-link=\"external\">Coinglass<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. ADA registered a 7% dip, dropping it to the key $0.239 support level. Buyers were overwhelmed in the futures market, leading to 97.62% long liquidations. Cardano [ADA] extended its bearish structure on the higher [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":177801,"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-177800","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\/177800","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=177800"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177800\/revisions"}],"predecessor-version":[{"id":177807,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/177800\/revisions\/177807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/177801"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=177800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=177800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=177800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}