Analysis on Cardano

23 nov 2021

ADAUSD

In this chart, you can see Cardano has been consolidating for a few months now reaching oversold levels on the RSI, as well as reaching the .618 Fib retracement level. For a few days, it has closed under the 200 daily MA just like it happened back in July before exploding up to new time highs. I will currently remain neutral on ADA until a reversal signal is confirmed, however, if it doesn't manage to put higher lows and close above the 200 daily MA there is a risk of continuation towards the downside and a potential death cross. At this time is too early to call however I am anticipating a market rally in December in which ADA will have the chance to turn bullish as all the indicators are currently reaching bearish peaks making it perfect for a reversal.