Cardano Chart Update: ADA/USD starts correction after 25% price increase

• Cardano (ADA) bumped into strong resistance and started a correction.
• The sell-off may be extended towards $0.1200.

Cardano (ADA) has been one of the best-performing altcoins in recent days. The coin gained over 85% of its value in ten days and ousted Bitcoin SV from the sixth place in the global cryptocurrency market rating. At the time of writing, ADA/USD is changing hands at $0.1285. The coin has gained over 25% in the recent 24 hours. Now it has a market value of $3.34 billion and an average daily trading volume of $1.11 billion. 

ADA/USD: Technical picture

On the intraday charts, ADA/USD has started a downside correction. The coin lost about 1% of its value in a matter of minutes after a short period of consolidation close to the intraday high. The RSI on 1-hour chart has reversed to the downside and moved out of the overbought territory. It means that the bearish correction may gain traction and push the price towards the initial support created by the middle line of the 1-hour Bollinger Band at $0.1250. If it is broken. the sell-off may be extended to $0.1200 and $0.1125 (1-hour SMA50).

• Cardano (ADA) bumped into strong resistance and started a correction.
• The sell-off may be extended towards $0.1200.

Cardano (ADA) has been one of the best-performing altcoins in recent days. The coin gained over 85% of its value in ten days and ousted Bitcoin SV from the sixth place in the global cryptocurrency market rating. At the time of writing, ADA/USD is changing hands at $0.1285. The coin has gained over 25% in the recent 24 hours. Now it has a market value of $3.34 billion and an average daily trading volume of $1.11 billion. 

ADA/USD: Technical picture

On the intraday charts, ADA/USD has started a downside correction. The coin lost about 1% of its value in a matter of minutes after a short period of consolidation close to the intraday high. The RSI on 1-hour chart has reversed to the downside and moved out of the overbought territory. It means that the bearish correction may gain traction and push the price towards the initial support created by the middle line of the 1-hour Bollinger Band at $0.1250. If it is broken. the sell-off may be extended to $0.1200 and $0.1125 (1-hour SMA50).