ADA (Cardano) - Bearish Outlook
Overview
ADA has been falling since reaching an all-time high of $3.1 on Sept 2. The recent drop to $1.91 on Sept 21 is a bearish signal. The token has been trading below the $2.33 resistance area, which was previously the all-time high.
Technical Indicators
- MACD (Moving Average Convergence Divergence): Negative and decreasing, indicating a slower short-term trend than the long-term trend.
- RSI (Relative Strength Index): Below 50, indicating a bearish trend.
- Supertrend: Bearish, created by absolute high and low prices, indicating a bearish trend.
Chart Analysis
The previous time the Supertrend was bearish, a roughly two-month decrease occurred from $2.5 to $1. The trend has been consistent, and the current price is below the Supertrend line.
Recommendation
Unless ADA manages to reclaim the $2.33 area, the trend cannot be considered bullish. The bearish trend is likely to continue.
Chart
[ADA/BTC Chart By TradingView](https://www.tradingview.com/symbols/ADAUS