🐂
$ADA in a bearish phase lately, but I'm seeing some early signs of consolidation that could shake things up. For trading on 1 hour timeframe, I'm leaning cautious long for a scalp play.
Price action-wise, we've got repeated tests of that 0.384-0.387 support area, with some long wicks down to 0.3842 showing buyers stepping in. But it keeps bouncing off 0.395 resistance without much conviction, so bulls aren't exactly charging. That last 1h candle closing over 0.386 after dipping low could be a reversal hint, though.
On the volume front, those recent 1-hour candles are pretty telling: big surges during the drops, like that 100M volume hit when it slid from 0.3913 to 0.3885. Feels more like sellers are running out of steam than any real buildup on the buy side.
Capital flows are mixed but interesting. Short-term stuff (30m and 1h) shows positive contract inflows, around +1.45M and +2.06M, which hints at some savvy players scooping up dips. But spot markets? Consistent outflows, like -2.67M over 24h, probably retail folks bailing out. That kind of split between contracts and spot often sets up for a quick rebound.
Entries longs
$ADA : Jump in near the current range, say 0.387-0.388, but keep it tight on risk. Or hold off for a clean break above 0.3902 (Resistance) to confirm.
Stop loss at 0.380 – tied to Support zone
Targets
$ADA : First at 0.3941 (Resistance level), then maybe stretch to 0.3971 (next resistance)
Just a heads up, this is based on 1h charts – watch that 0.3902 level closely. If we crack below 0.384, scrap the long idea altogether.
#ADA #ADAUSDT #Cardano