Cardano Price Forecast: Negative RSI divergence signals caution for ADA bulls


  • ADA/USD’s uptrend seen losing momentum.
  • Negative price-RSI divergence spotted on the 1D chart.
  • The no. 6 coin could correct to 21-SMA.

Cardano (ADA/USD) hit the highest level on record at $1.1240 early Saturday, now holding the higher ground above $1.00 levels, as the investors digest the 14% rise during the last 24 hours.  

The sixth most widely traded cryptocurrency has gained a whopping 21%, extending its six-day winning streak into Saturday.

ADA/USD: Buyers’ exhaustion setting in?

However, the buyers are seemingly turning cautious amid a negative price-Relative Strength Index (RSI) divergence spotted on the daily chart.

ADA/USD: Daily chart

The retracement from record highs could probe the immediate cushion seen at the bullish 21-simple moving average (SMA) at $0.914.

Further south, the psychological level at $0.90 could challenge the bearish commitments.

Alternatively, the ADA bulls could retest the all-time-highs, with eyes set on the $1.13 threshold.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano price compression brings false sense of calm, as a sharp decline awaits

ADA consolidated the rapid advance in 2021 in a textbook symmetrical triangle during February and March. It was activated last week but failed for the fourth time to hold a breakout above the 2018 high at $1.40. 

More Cardano News

Filecoin price might stumble again into a 20% downswing

On the 4-hour chart, Filecoin price has formed a bear flag which could see a breakdown at any point. A 4-hour candlestick close below $150 would confirm it and has a 20% price target down to $120.

More Filecoin News

Enjin Coin price shakes off selling pressure, primed for a 25% rally

Enjin Coin price outlook has shifted to neutral. It is on the verge of completing a high probability bottoming pattern, showing a positive divergence from some of the other cryptocurrencies that have printed new correction lows over the last couple of days. 

More Enjin Coin News

Theta price aims for a massive 22% upswing if key barrier cracks

Theta price has been trading between a specific range in the past four days and awaits a clear breakout as it is close to the key resistance level of $12.

More Theta News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast

BTC

ETH

XRP