Cardano Price Analysis: ADA/USD drops down following a heavily bullish Wednesday
- ADA/USD faced bearish correction this Thursday, following a bearish Wednesday.
- The price is still trending above the 20-day Bollinger Band, showing that it’s still overvalued.
ADA/USD daily chart
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ADA/USD bears dropped the price down from $0.0976 to $0.0945 this Thursday. This followed a heavily bullish Wednesday, wherein the price flew up from $0.0833, climbing above the 20-day Bollinger Band, in the process. The price is still trending above the Band, indicating that it’s currently overvalued, and may fall even more. The MACD and Elliott Oscillator have both had two straight bullish sessions of increasing intensity.
Support and Resistance
ADA/USD has one strong resistance level at $0.0976. On the downside, healthy support levels lie at $0.0889, $0.0844, $0.0823 (SMA 20) and $0.0736 (SMA 50).
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.
