Cardano Price Analysis: ADA/USD charts bearish cross pattern

ADA/USD bulls push back price inside the 20-day Bollinger Band.
The Elliott Oscillator has had 32 red sessions out of the last 33, showing overall bearish sentiment.

Rajarshi Mitra Independent Analyst

ADA/USD daily chart

ADA/USD bulls re-entered the market following a heavily bearish Tuesday. The price has gone up from $0.112 to $0.1159. Following this bullish price action, the price was able to re-enter the 20-day Bollinger Band, showing that ADA/USD is no longer undervalued. The Elliott Oscillator has had 32 red sessions out of the last 33, indicating that the overall market sentiment is bearish.

ADA/USD shows strong resistance levels at $0.122, $0.1297 and $0.1329 (SMA 50 and SMA 20). The SMA 50 has crossed above the SMA 20 to chart the bearish cross pattern. On the downside, we have two healthy support levels at $0.1009 and $0.112.

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.

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