CARDANO – ALTCOIN CHART ANALYSIS

Cardano (ADA) has broken through its preliminary downtrend and was able to pump upwards with significant volume. Right now we're trading at around $0.48.

Furthermore, on the 4H chart, we were able to break the 200 SMA (last 200 moving averages/purple) and thus another important resistance.

However, we have an RSI that has already reached the overbought area and has formed a bearish divergence. A correction is therefore very likely. Initial support is around $0.46. If this breaks, we could dip back into the $0.44 area.

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