Cardano (ADA) has been running major network upgrades and its price rise can be easily attributed to these factors. Venus Protocol as well announced the addition of Cardano to be available as collateral for trading. The Venus Protocol runs on the Binance Smart Chain, one of the lowest gas fees protocol. Technicals Leading ADA In the past month, the overall trend of ADA has been positive. The bullish trend continued in the past week as well with intermittent price adjustments. The opening price of ADA on February 10, 2021, was $0.70. As of February 15, 2021, ADA closed at $0.86. Thus, in the past week, the ADA price surged by approx. 23%. In the past 24 hours, ADA has traded between $0.76-$0.91. https://ift.tt/3b8m7ih What You Should Watch Out for in ADA Currently, ADA is trading at $0.88. The price has increased from the opening price of $0.86. The price is below the EMA and SMA lines. This is indicative of intermittent price corrections amidst a bullish trend. The A/D and OBV indicators had fallen a few hours back. But, now they have started rising again. This implies that buying activity is higher than selling activity. Thus, we can expect the price to rise further as accumulations are steadily increasing. The RSI indicator is at 49%. It faced a bearish swing rejection at 65% and has started falling again. Thus, it means that selling pressures are high. The price will struggle to go up. We can expect an intermittent price pullback. However, the stochastic oscillator paints a different picture. The actual value and 3-day SMA lines went below the 20% mark into the ‘oversold’ territory, just a few minutes back. Now, they have started rallying. Selling pressures are still high but buying pressures may soon overtake. It is a good time for swing traders to go long. A bullish crossover by the actual value-line over the 3-day SMA line points towards a bullish momentum. The AO was positive for the last few hours. But, now it has turned negative. The ‘sell’ signals are not very strong yet. However, we can expect some price corrections. More Technicals for ADA The MACD and signal lines are positive. A bearish crossover by the MACD line over the signal line is indicative of a price pullback. Moreover, both the lines are approaching the zero line. They may turn negative soon. So, the ADA price may decline. The ADX indicator is downward sloping. The price has also started falling. Thus, the market is losing its breath. So, a price pullback is on the horizon. Currently, ADA is trading above the Fibonacci pivot point of $0.84. It is facing stiff resistance at the first Fibonacci pivot resistance level of $0.90. The uptrend will resume when the ADA price breaks out of this level. The ADA price has already tested the 23.6% FIB retracement level of $0.87. The price uptrend will continue tomorrow if the ADA price manages to close above the 23.6% FIB extension level of $0.94, by the end of the day. On the 7-day chart, the overall trend looks bullish. Presently, the market is in corrective mode. We can hope for the bull-run to resume by the end of the day post the price adjustments.
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