Is $ADA ‌ finally building a floor or just taking a breather before another drop?

Looking at the daily chart, it’s been a rough ride down from the 0.36 area. We just printed a decent green candle at 0.2662, right after testing that 0.245 support level. It’s a small sign of life, but the overall structure still looks pretty heavy.
The order book shows more sell pressure right now, with about 60% on the red side. That tells me the bears aren't ready to give up just yet. For this to actually flip bullish, we need to clear that 0.277 resistance with some real volume behind it.
Until we see a higher high, this just looks like a relief bounce in a downtrend. I'm watching to see if we can hold 0.25 on the next retest. If that breaks, things could get ugly fast.

#IEAProposesStrategicOilReserveRelease