Cardano Alert! RSI Oversold, Can ADA Make a Comeback?
Cardano (ADA) is facing significant selling pressure! The Relative Strength Index (RSI) has fallen into the oversold territory for the first time in six months, which typically suggests that bearish momentum is nearing its end and a rebound may be on the horizon. However, Cardano has historically 'ignored' oversold RSI conditions and has not experienced a strong rebound at these times like other assets.
In the past week, ADA has plummeted 25%, currently priced at $0.71. Although it found support in the $0.70 range, the market lacks strong bullish momentum, and signs of recovery remain weak.
If it breaks through the $0.77 resistance, ADA could experience a short squeeze, rebounding to $0.85. However, unless there is a dramatic change in market conditions, it remains uncertain whether ADA can make a comeback.
