Cardano Price Analysis: ADA/USD quickly drops back inside the 20-day Bollinger Band

• ADA/USD dropped back inside the 20-day Bollinger Band, following severe bearish correction.
• The RSI is looking creep out from the overbought zone.

ADA/USD daily chart

ADA/USD bears have quickly taken the price down from $0.013 to $0.0122. This bearish correction follows three consecutive bullish days, wherein the price went up from $0.09857 to $0.013. Re-entering the Bollinger Band ensures that the price is no longer overvalued. This is further corroborated by the fact that the RSI is looking to exit the overbought zone.

ADA/USD bulls will want to make sure that this is just a temporary correction and that the price doesn’t fall below the $0.012-level. The MACD shows that the market momentum still remains bullish.

Support and Resistance

The resistance currently lies at $0.013. ADA/USD already had healthy support levels at $0.097, $0.0909 (SMA 20) and $0.0889.