The Cardano (ADA) price has made numerous unsuccessful breakout attempts above a long-term horizontal resistance area.

Cardano follows a short-term descending resistance trend lien and is at risk of a drop below a short-term support level.

Cardano Falls After Rejection

The technical analysis of the weekly time frame shows that ADA has made six unsuccessful breakout attempts above a long-term horizontal resistance area since November 2023. These all created long upper wicks (red icons), considered signs of selling pressure. 

This week, the ADA price made an unsuccessful bounce attempt. This led to another long upper wick and bearish candlestick (red circle). 

The weekly Relative Strength Index (RSI) leans bearish. Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold and whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, b

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Author: Valdrin Tahiri

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