Why is Cardano price down today?

Cardano’s (ADA) price is down today, falling 7.75% in the last 24 hours to hit $0.55 on Dec. 13.

ADA/USD four-hour price chart. Source: TradingView

Let’s discuss factors that have been driving the Cardano prices lower recently.

Overbought correction

From the technical perspective, ADA’s price drop today is part of a correction cycle that started on Oct. 9, when ADA’s price reached its 18-month high of $0.64.

Traders secured profits as Cardano’s relative strength index (RSI) on shorter-timeframe charts became “overbought” after crossing 70.

An RSI reading above 70 means the asset is trading is getting overvalued and may undergo trend reversal or corrective pullback.

ADA/USD four-hour price… Read more on Cointelegraph

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