Negative RSI divergence signals caution for ADA bulls


  • ADA/USD’s uptrend seen losing momentum.
  • Negative price-RSI divergence spotted on the 1D chart.
  • The no. 6 coin could correct to 21-SMA.

Cardano (ADA/USD) hit the highest level on record at $1.1240 early Saturday, now holding the higher ground above $1.00 levels, as the investors digest the 14% rise during the last 24 hours.  

The sixth most widely traded cryptocurrency has gained a whopping 21%, extending its six-day winning streak into Saturday.

ADA/USD: Buyers’ exhaustion setting in?

However, the buyers are seemingly turning cautious amid a negative price-Relative Strength Index (RSI) divergence spotted on the daily chart.

ADA/USD: Daily chart

The retracement from record highs could probe the immediate cushion seen at the bullish 21-simple moving average (SMA) at $0.914.

Further south, the psychological level at $0.90 could challenge the bearish commitments.

Alternatively, the ADA bulls could retest the all-time-highs, with eyes set on the $1.13 threshold.

 



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