Cardano ADA Sees Bullish Signals Amidst Recent Losses

Cardano's native cryptocurrency has recently experienced a loss of momentum after reaching its local top of $0.25 less than a week ago, but analysts remain optimistic about a fresh uptrend.

Jesse Olson pointed out that the asset still looks strong after its 4-hour chart flipped bullish again, noting that the price headed south and hit four out of four targets, found support, and wondered whether this means a new rally is about to begin.

Sssebi suggested that a weekly close above $0.21 would signal 'game on' for Cardano, while its Relative Strength Index (RSI) shows the asset is quite close to entering oversold territory, which is often a precursor to an incoming rally.

On the other hand, Rand Group made a rather pessimistic prediction, stating that ADA has been lagging significantly behind the rest of the market and noted its rejection at $0.25, saying it is currently looking 'horrible', but admitted that it has managed to stage a solid comeback in the past.