$ADA
$ADA Analysis: Deep Oversold Territory – Is a Bounce Coming? 📉🚀
Market Update:
Cardano ($ADA) has just seen a sharp correction on the 1-hour timeframe, hitting a low of $0.3294. Let’s look at what the technical indicators are telling us:
🔍 Technical Breakdown:
RSI Alert: The RSI(10) is currently hovering around 20. This is a classic "Oversold" signal, suggesting that the immediate selling pressure might be exhausted.
Price Action: After piercing the lower Bollinger Band, the price is trying to stabilize. Usually, the price tends to gravitate back toward the Middle Band ($0.3481) after such a sharp move.
Volume: We are seeing high volume at the bottom, which could indicate "buyer absorption" near the support zone.
📍 Key Levels to Watch:
Immediate Support: $0.3294 (Critical to hold)
Target Resistance: $0.3481 & $0.3560
Bottom Line:
While the overall trend remains bearish for now, the deep oversold RSI suggests a relief bounce could be on the horizon. Watch the $0.3300 level closely for a potential double-bottom or reversal signal.
What’s your move? Are you buying the dip or waiting for more downside? Let me know in the comments! 👇
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