Cardano

<ul><li>ADA faces significant selling pressure near $0.239, a crucial support level, suggesting a potential bearish breakout.</li><li>Indicators like RSI and OBV signal selling pressure, indicating the possibility of further ADA price declines.</li><li>Long liquidations and a majority of open contracts in favor of sellers indicate a short-term bearish bias for Cardano (ADA).</li></ul>Cardano (ADA) is currently at a crossroads as it hovers near a familiar support level of $0.239, with the cryptocurrency market seeing significant selling pressure. As ADA extends its bearish trend on higher timeframes, traders and investors are closely watching whether sellers can inflict a breakout below this crucial support.Just over a week ago, <a href="https://cryptotale.org/cardanos-staking-surge-ada-valuations-hit-90-day-peak-at-5-7-billion/" rel="noopener noreferrer nofollow">analysis </a>of ADA indicated a struggle for bullish momentum to keep the price above $0.25. Sellers saw a shorting opportunity, leading to a 7% price drop as bulls couldn&#39;t break the $0.25 resistance.For several months, the $0.239 support level has proven to be a key battleground for buyers. Notably, ADA&#39;s last major rally originated from this very support level back in mid-June. Despite multiple attempts by bears to flip this level, it has held strong against selling pressure.However, recent price action combined with on-chart indicators suggests that a break below this critical support level may be on the horizon. The Relative Strength Index (RSI) currently sits at 34, edging closer to the oversold zone, signaling substantial selling pressure. Furthermore, the On Balance Volume (OBV) continues its downward trend.Read full article at<a href="https://cryptotale.org/cardanos-ada-at-a-crossroads-will-0-239-support-hold-or-break/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Cardano's ADA at a Crossroads: Will $0.239 Support Hold or Break?

CryptoTale

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