Cardano Rejects at Pivotal Resistance After 30% Surge: The ADA Bear Case
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It shows that Cardano’s recent price action has formed a textbook bearish divergence between its trend and a crucial trend indicator. This divergence suggests a loss of momentum in the uptrend, increasing the chance the cryptocurrency reverses lower. Adding to this, ADA is now flirting with the upper band of a range indicator, indicating it may be overbought on a short-term time frame.
Cardano (ADA) has undergone a strong surge to the upside over recent days. Per data from TradingView.com, the coin is up around 30% since it bottomed just two days ago.
Unfortunately, technical signs show that the cryptocurrency is primed to reverse lower after the rally. This is in line with some analysts that expect Bitcoin’s ongoing recovery to taper off as it faces resistance in the $10,800-11,200 region.
Learn more about the news here. (https://www.newsbtc.com/2020/09/26/cardano-rejects-at-pivotal-resistance-after-30-surge-the-ada-bear-case/)