ADA/USD Downside? 17 Jan 2022

Cardano (ADA) has enjoyed a multi day rally however is now losing momentum. Price has been in a bearish market for the last 6 months, and we anticipate this long term trend to continue.

Technically price has pulled back into a key structure zone, which is now acting as resistance. Price has also formed a bearish candlestick rejection of this zone, and the RSI has shown overextended levels.

Downside target: 1.20

Violated Above: 1.5

ADA/USD 4H Chart, 17 Jan 2022

Published by Tom Stewart

Head of data analytics at TradeProofer. Analyst at Opes Trading Group. FX enthusiast.

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