🔥 Cointelegraph: #Cardano price analysis

Cardano fell below the crucial support at $0.32 on Aug. 5, but lower levels attracted buying, as seen from the long tail on the candlestick.

The sharp selling of the past few days has pulled the RSI into the overbought zone, suggesting that a relief rally may be around the corner. The recovery could reach the moving averages, where the sellers are likely to step in. If the price turns down sharply from the moving averages, the ADA/USDT pair could drop to the $0.24 support.

Buyers will have to drive and maintain the pair above the downtrend line to signal a potential trend change.