Forecast $ADA : possible correction to $0.82
At the time of writing this analysis, ADA is trading at $1.07, having risen in price by 8.5% over the last 24 hours.
Meanwhile, the Relative Strength Index (RSI) shows a value of 76.91. This means that Cardano is currently in the overbought zone. This creates risks of a soon correction.
Analysis of Bollinger Bands (BB) also confirms this conclusion. The chart below shows that the upper band touches the cryptocurrency's price line.
Due to Cardano's overbought condition, it risks entering a correction in the coming days and likely dropping to the level of $0.82.
However, if the number of large transactions increases, the bearish forecast will be canceled. Then the value of the cryptocurrency may rise above $1.15.
