Our bearish view on Cardano has played out according to our forecast. The cryptocurrency has been falling for almost 10 days. This has pushed the RSI into oversold territory and also increases the possibility of a pullback to the overhead resistance level of $0.00004070.
The falling 20-day EMA is also close to this level. We won’t be surprised to see the ADA/BTC attempting to rise in the next couple of days. However, the trend remains down and we expect the price to fall to the next support level of $0.0000246.