$ADA is currently hovering around 0.67, don't be fooled by this price!
The 4-hour chart and on-chain data exude a sinister vibe! Three critical technical aspects: First, the trading volume is now over 186,000, but the 5-day average volume is over 283,000, and the 10-day average volume is over 259,000, clearly indicating that volume is lagging.
Second, all moving averages are pressing down from above, with the MA5 and MA10 prices significantly higher than the current price, like being shackled layer upon layer.
Third, the MACD is even scarier, as the price peak has dropped from 0.8410 all the way down to 0.7400, while the volume has been shrinking, a typical bearish divergence, the short bullets are already loaded.
On-chain data is even more tangible, with clear fundraising signs at the bottom, over a million ADA is rushing into Binance and OKX, the whales are sharpening their knives.
The broader environment is also adding pressure, with BTC and ETH leading the downward assault, and the looming cloud of interest rate hikes means altcoins are always the first to be abandoned.