Today ADA is stuck below $0.20 again
On Nov. 2, Binance spot was trading at around $0.19
It’s now below the 7-day, 20-day, 50-day, and 200-day moving averages
Those averages are between $0.20 and $0.23
In other words, every level above is resistance
Aggressive selling is still outweighing buying
taker buy/sell ratio is only 0.7691
Selling volume is about 18.44 million tokens, versus buying volume of about 14.18 million
At the same time, BTC is around $78,207 and is also below its short-term moving averages
So ADA isn’t the only one showing weakness
I think ADA is weak and moving sideways near the lows, waiting for direction rather than having already chosen one
The invalidation conditions are also clear
If the daily close gets back above $0.21, this resistance thesis is invalidated for now
If the daily close confirms a break below the $0.21 lower boundary, the $0.17 level mentioned by some analysts will become the next level to watch
Do you think ADA will get back above $0.21 first, or go test $0.17 first?
$ADA $BTC $ETH
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