ADA retreats after reaching $0.86 — buying opportunity or sign of weakness?
Cardano (ADA) recently reached a local high of $0.8643, but is now undergoing a correction, trading around $0.7573, with a decrease of -2.80% for the day.
Analyzing the daily chart:
The EMA(7) is now above the price, indicating weakness in the short term.
The EMA(25) and EMA(99) continue to have a positive slope, supporting a broader upward trend.
The RSI(6) is at 45.01, approaching an oversold region, which could signal a potential reversal point.
Volume has been decreasing since the peak, showing that the correction is happening in an orderly manner, without significant selling pressure.
Important zones:
Strong technical support between $0.738 and $0.731 (confluence region of the EMAs)
Resistance at $0.804 and at the recent high of $0.864
If the support holds firm and a strong buying candle appears, we could see a new attempt at a rise in the coming days.
My personal view:
This seems to be a healthy technical correction after the recent rally. ADA has solid fundamentals and a strong community — I remain attentive to reversal signals to assess a possible entry.
And you, are you accumulating ADA at this level or waiting for more decline?
