ADA’s price is testing a crucial resistance level that may determine the token’s near-term trajectory. As Cardano continues to trend upward, the market is watching the 0.8300 to 0.8400 range.
However, top analyst Crypto_Jobs shared on X that a short position has been initiated due to the anticipated rejection at these levels. ADA looks like it might drop, especially if it can’t push past this resistance level.
Looking at the chart, ADA’s price has been climbing up toward the 0.8400 resistance area. This level marks a critical point where price movement could either break higher or face a pullback.
The hourly chart shows an upward trend, with a clear line connecting the lower prices. But even though ADA has momentum on its side right now, it’s hitting a tough spot that could stop it from going higher.
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The minute chart shows ADA’s price hitting resistance at 0.8300 and starting to wobble. The price has leveled off and is moving sideways, which often happens before a drop. This makes a rejection around 0.8300-0.8400 look more likely, matching what the tweet suggested. Crypto_Jobs suggests that the failure to break through this level could lead to a significant downward movement.
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Short Position Strategy: Cardano Price Faces Resistance Rejection
Crypto_Jobs is betting against ADA, thinking the resistance will hold and force the price down. His tweet suggests he doesn’t see ADA breaking higher from here, meaning there’s not much room left to go up. As Cardano approaches this resistance zone, traders are getting ready for a possible reversal. If ADA can’t break through, we could see it fall back toward 0.7500.
The support zones on both charts lie around 0.7500-0.7700, which have historically been strong levels where ADA has found buying interest. If ADA’s price drops below these support zones, it could signal a deeper pullback. Traders and investors will be watching for any signs of rejection at the resistance zone to determine the next steps.
Cardano Market Outlook
Looking at how the market is set up right now, ADA’s next move isn’t clear. It’s facing a big test at these resistance levels. If it can’t get past 0.8400, we’ll probably see a pullback. Traders who are shorting ADA are watching closely, expecting it might drop to lower support levels.
The overall market mood around ADA is careful and hesitant, especially with this trader’s bearish view. While ADA’s price has been pushing up lately, what happens in the next few hours will tell us whether it can keep climbing or if it’s about to turn south.
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