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Cardano [ADA] to see more losses below this April support

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Cardano / TetherUS (BINANCE:ADAUSDT)  
AMBCrypto_TA  
BINANCE:ADAUSDT   Cardano / TetherUS
Trend Analysis Chart Patterns Technical Indicators cardano ADAUSDT adausd adausdtradeidea adausdtshort adausdtanalysis adausdtsignal adashortselling adacardano
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trendanalysis chartpattern indicator cardano adausdt adausd adausdtradeidea adausdtshort adausdtanalysis adausdtsignal adashortselling adacardano
ADA’s key April support zone of $0.3700 - $0.3760 (cyan) was flipped to resistance on 8 May.

So far, ADA has seen two price rejections at this level in the past two days.

A pullback retest at the same level and confirmed downtrend could offer shorting opportunity, targeting the key January/February resistance level at $0.3470.

At the time of publishing, the RSI faced rejection at the 50 mark, while OBV has declined since mid-April.

Entry: $0.3700
Target: $0.3470
Stop-Loss: $0.3811 (above the resistance zone)

RR: 2
Penafian

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