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$ADA /USDT ā Bearish Pressure Building After Rejection from $0.7183 ā ļøš
Cardano (
$ADA ) recently tapped a local high at $0.7183 but failed to sustain momentum, leading to a significant drop toward the $0.6701 support level. The 1H chart shows a clear downtrend forming, with price currently hovering around $0.6875 ā down -1.86% in the last 24H. The Parabolic SAR now signals a bearish trend continuation unless ADA flips key resistance levels.
This descending pattern after a parabolic push suggests sellers are gaining control. With volume on the rise and RSI nearing neutral levels, we could see a breakdown or bounce soon. Watch for how price reacts around the $0.6780-$0.6900 range.
Trade Setup #1 (Short Bias):
⢠Entry Zone: $0.6900 - $0.6950
⢠Target 1: $0.6700
⢠Target 2: $0.6550
⢠Stop Loss: $0.7040
Trade Setup #2 (Bullish Reversal if confirmed):
⢠Entry: $0.7000 breakout candle confirmation
⢠Target 1: $0.7180
⢠Target 2: $0.7350
⢠Stop Loss: $0.6800
Pro Tip:
Wait for a strong candle close above $0.7000 for any bullish confirmation. Until then, trend favors the bears. Keep SAR and volume divergence in focus.
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