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.