Mareena
07/25 17:58
The pullback of Cardano (ADA) following a meteoric upsurge in previous days of July. ADA was refused somewhere lower than $0.90 after breaking through $0.63 and $0.70 resistance lines and is now trading around $0.79.
Technical indicators are sending a mixed signal: the Relative Strength Index (RSI) cooled off from the overbought region of 73.31 to 58.73, and a potential bearish crossover is seen on the MACD, indicating a loss of bullish passion.
Looking ahead, ADA has to successfully hold the $0.70–$0.73 region; it would be required for ADA to secure a bullish formation. A successful breakout above $0.90 would offer a pathway towards a test of $1.00 with a subsequent test of $1.20. However, breaking down existing support levels would bring ADA back towards $0.63 or lower.
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