Cardano Price Analysis: 12 February-2021
Cardano highlighted an area at $0.86 to defend over the next few hours before it could make an attempt at $1 once more. Tezos climbed toward $4.25 and had the momentum to break past, while rejection would see it revisit $4. VeChain surged past $0.038 and targeted $0.046.
Cardano [ADA]
(https://i.imgur.com/rXEPXj0.png)
Although ADA showed a bearish divergence on the charts, the $0.86 region has held firm as a region of demand.
On the hourly chart, RSI dropped below neutral 50 to indicate bearish momentum. Trading volume was also falling even as the buyers drove the price back above the highlighted region.
Hence, in the short-term, ADA showed signs of imminent sell pressure as it neared the $0.95-$1 area of supply. A trading session close below $0.86 would point toward a pullback for ADA, with $0.815 and the 23.6% retracement level at $0.74 expected to serve as support.
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