Cardano Price Analysis: ADA/USD quickly drops back inside the 20-day Bollinger Band
- ADA/USD dropped back inside the 20-day Bollinger Band, following severe bearish correction.
- The RSI is looking creep out from the overbought zone.
ADA/USD daily chart
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ADA/USD bears have quickly taken the price down from $0.013 to $0.0122. This bearish correction follows three consecutive bullish days, wherein the price went up from $0.09857 to $0.013. Re-entering the Bollinger Band ensures that the price is no longer overvalued. This is further corroborated by the fact that the RSI is looking to exit the overbought zone.
ADA/USD bulls will want to make sure that this is just a temporary correction and that the price doesn't fall below the $0.012-level. The MACD shows that the market momentum still remains bullish.
Support and Resistance
The resistance currently lies at $0.013. ADA/USD already had healthy support levels at $0.097, $0.0909 (SMA 20) and $0.0889.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
