The cryptocurrency market reported more losses within a 24-hour trading period on October 11. Bears disrupted the market following the release of the September FOMC Minutes. Cardano (ADA) experienced a 0.36% decline, reaching its lowest level around $0.24.
ADA Price Outlook
The leading cryptocurrency Bitcoin (BTC) pushed its liquidity level to $27.2 thousand. However, it then experienced a downward momentum and was threatening to retest the low level near the $25 thousand range at the time of writing.
Additionally, ADA’s price prediction on October 10 anticipated a decline towards the point where the D1 bullish order block (OB) and the lower range converged at $0.24. However, achieving a recovery in the bullish zone was challenging at the time of writing. The D1 bullish OB and the lower range facilitated a pullback at the end of September. If the bulls manage to reclaim the level, ADA could swing towards the H12 bearish OB at $0.27, provided the $0.258 or $0.25 resistance is cleared.
Current Data on ADA!
The ADA market witnessed an improvement in capital inflow, as indicated by the northward movement of the Chaikin Money Flow (CMF). However, the metric was negative at the time of writing and could indicate a persistent bearish pressure. Moreover, the negative relative strength index (RSI) confirmed the downward trend, highlighting significant bearish sentiment. The futures market also recorded a bearish pressure. ADA observed further divergence in long positions at the time of writing, as compared to the previous 24 hours when long positions were discouraged. The derivative market exhibited a downward trend.
Overall cryptocurrency liquidity data showed a negligible difference between short and long positions in the last 4 hours before the publication of this news. This might suggest the formation of a narrow range before the sharp price fluctuations following the release of September CPI data.
