Tuesday, January 31, 2023
HomeNewsADA Price Analysis: After Hitting Past $0.0370, ADA/USD Near Term Bearish Correction...

ADA Price Analysis: After Hitting Past $0.0370, ADA/USD Near Term Bearish Correction Kicks in Despite Shelly Incentivized Testnet Success

*Cardano (ADA) is undergoing a major price pullback as today’s market records 9 percent decline from the week’s high
*After reaching past $0.0370 mark, the bears are back in charge
*Shelley Incentivized Testnet (ITN) was a huge success

ADA/USD Daily Chart: Ranging

The pair is currently trading below the changing 50-day and 200-day averages. Once we see more rising volume combined with a bullish reviving, on the upside the ADA/USD pair may start correcting gain significantly. Without it, the tension on the bears may get intense for more declines.

As the market opens today, ADA/USD is seeing a measure of a price pullback. The technical indicator RSI has already entered the bearish phase but in a state of oversold. Unless the price path falls beneath the lower level of horizontal support at $0.0320, a bearish price change may be expected. A few days ago ADA began a quick rebound trajectory and reached as high as $0.0372 from the $0.0320 level as observed at the time of writing.

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