In new technical analysis, Cardano is an open-source project that provides a fertile ground for decentralized app and smart contract development. It is a PoS based public blockchain network that was built based on peer-reviewed research and evidence-backed methodologies. ADA is the native token of this ecosystem. Past Performance On April 7, 2021, ADA started trading at $1.26. As of April 13, 2021, ADA closed at $1.41. Thus, in the past week, the ADA price surged by approximately 15%. In the last 24 hours, ADA has traded between $1.40-$1.48. https://ift.tt/3aaLQqO Day-Ahead and Tomorrow Currently, ADA is trading at $1.46. The price has increased from the opening price of $0.41. Thus, the market looks bullish. The OBV indicator is upward sloping. The buying volumes are higher than selling volumes. Thus, we can expect the ADA price to rise further. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, we can expect a price pullback. However, both the lines are closer to the zero line and may turn positive soon. In that case, the price will resume its upward journey post a temporary price dip. The RSI indicator faced a bullish swing rejection at 45% and is currently at 50%. However, the selling pressures are still high. Thus, we can expect the price to start declining soon for some time. However, the price fall may just be an intermittent price adjustment amidst an overall positive trend. ADA Technical Analysis As per technical analysis, currently, the price is closer to the first Fibonacci pivot resistance level of $1.46. As the oscillators are pointing towards a price pullback, the price may fall up to the Fibonacci pivot point of $1.43. It may fall further up to the first support level of $1.40 before starting to rise again. The price has tested and fallen below 38.2% FIB retracement level of $1.45. By day close, if the price tests and breaks out of 23.6% FIB retracement level of $1.46, we can expect the price uptrend to continue tomorrow as well.
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