• Cardano released its weekly development update on 10 February, but the market did not react positively.
• Bitcoin showed little impetus on the price chart and ADA tested a zone of support at $0.35 before another move downward.
• Open Interest climbed slightly on 10 and 11 February as ADA bounced from $0.356 to reach $0.37, however, the bearish sentiment was reinforced and short sellers had more conviction.
Cardano’s Price Prediction
Cardano released the weekly development update on 10 February. It highlighted some notable statistics but did not shore up buyer confidence in the short term. Instead, the price retested $0.37 as resistance before another move downward.
Bitcoin’s Market Movement
Over the weekend, Bitcoin showed little impetus on the price chart. It oscillated from $21.6k to $22k, a fluctuation of close to 2%. Monday’s high and low could establish a range for the week. A move below $21.6k could herald further losses across the altcoin market, including ADA.
ADA Failed Retest of Resistance
Former support levels flipped to resistance as more downside beckons Source: ADA/USDT on TradingView The 1-hour bullish order block at $0