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Cardano is now trading at $1.50, with ADA bearish refusing to give up yet.
Cardano’s price rose on Saturday, but it is still not out of the woods.
As price waves in a bearish channel, an oversold RSI warns ADA bears.
$1.52 is a strong resistance level, while $0.93 is a strong support level for the ADA price.
So far on Saturday, the ADA price has attempted a comeback from weekly lows, interrupting a two-day slump.
ADA believers are benefiting from the general upsurge in the cryptocurrency market.
The number of active addresses on the Cardano Network doubled from October to November, according to CryptoCompare’s current Asset Report, as on-chain activity ramped up and transaction costs on the network plummeted from $0.45 to $0.38 on average.
Despite the good news, a decisive comeback remains difficult, as the technical situation favors bearish traders.
Cardano’s price is anticipated to recover due to oversold conditions.
The price of ADA is currently trading at the midpoint of a one-month-long falling channel, which aligns at $1.20, as seen on the daily chart.
The 14-day RSI is showing a fresh upswing while still being in oversold area, implying…
