Cardano [ADA] faces rejection at $0.41, how low can it go?

ambcrypto.com:

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

Cardano [ADA] was unable to hold on to the gains it made in the latter half of the past week. On 15 February, the price ascended from $0.383 to $0.418. At the time of writing, the asset’s price fell below the $0.389 level.

Realistic or not, here’s ADA’s market cap in BTC’s terms

The rise in regulatory pressure in the US recently was also a factor in shifting the sentiment toward fear. However, it was likely that ADA can recover and push higher after a revisit to a crucial zone of support.

Source: ADA/USDT on TradingView

When ADA was trading above the $0.4 mark a few days ago, the market structure on the four-hour chart was bullish. The strong surge past $0.37 on 14 February meant the previous bearish structure was broken. A higher low was subsequently set at $0.389.

Over the past week, the $0.383-$0.39 area has served as support. At the time of writing, Cardano traded at $0.384 and was likely to descend lower.

The Directional Movement Index showed that the -DI value was above 20, and the ADX was on the verge of crossing over above 20 as well. If that happened, it would be an indication of a strong downtrend.

The CMF was in neutral territory, and a reading of +0.01 at press time did not suggest any pressure from buyers.

How much are 1,10,100 ADAs worth today?

However, bulls can still retain hope. The surge past $0.37 meant that the H4 bullish order block at $0.35 was likely to be a strong zone of demand. A revisit to this area will likely see ADA make another attempt to push past $0.42.

Therefore, the $0.35-$0.36 area is one where short sellers from $0.39 can look to take profit. At