Price Analysis of #cardano #ADA

Cardano ADA€0.586 rose from the 50% Fibonacci level of $0.51 on December 11 and surpassed $0.65 on December 13.

*Daily chart of the ADA/USDT pair. Source: TradingView*

If buyers keep the price above $0.65, the ADA/USDT pair could reach $0.70 and subsequently $0.78. However, the risk of a correction is great, as the RSI has been trading in the overbought territory for the past few days.

The first sign of weakness would be a drop below $0.61. This could trigger a pullback towards the 20-day EMA ($0.51). This remains the key level to watch because a break below it will indicate a short-term trend change.

-This article does not contain investment advice or recommendations. All investments and trading carry risks, and readers should conduct their own research when making a decision.

Credits: Rakesh upadhyay