Cardano [ADA] inflicted a bullish breakout- Are short-sellers subdued?

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Cardano [ADA] inflicted a bullish breakout- Are short-sellers subdued?
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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ADA formed a descending channel pattern since mid-February. ADA recorded significant whale activity. Cardano [ADA] has depreciated since mid-February and formed a descending channel. But it rallied despite an overwhelming bearish sentiment as the […]

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionADA recorded significant whale activity.

A retest of the pullback and subsequent bounce from the channel’s upper boundary could confirm the continued recovery. As such, near-term bulls could make moves and target the 50-period EMA or $0.3300 if BTC doesn’t drop below $20K. The RSI retreated from oversold territory and reached equilibrium, showing strong buying pressure on March 10. However, it faced a few rejections at the mid-level in the past and could face another if the trend repeats.

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