Cardano is a public blockchain network that provides robust infrastructure and tools for the development of innovative decentralized apps. It is a PoS-based blockchain built on the basis of peer-reviewed analysis and evidence-based methods. It is fast, secure, highly scalable, and sustainable. ADA is the native token of this ecosystem. The following ADA technical analysis will predict momentum for the next few days: Past Performance On May 13, 2021, ADA started trading at $1.57. On May 19, 2021, ADA closed at $1.47. Thus, in the past week, the ADA price has decreased by roughly 6%. In the last 24 hours, ADA has traded between $1.32-$1.57. https://ift.tt/3oyfCLV Day-Ahead and Tomorrow Currently, ADA is trading at $1.52. The price has decreased from the day’s opening price of $1.47. Thus, the market seems to be bearish. The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further. The A/D indicator has fallen steeply. This implies that distribution activity is much higher than accumulation activity. Thus, heavy offloading activity is likely to push the crypto price further down. Currently, the RSI indicator is at 48%. It faced rejection at 37% and rose to the current level. This implies that buying pressures are slowly mounting. Hence, we can expect the price to rise after some time. When we look at all the oscillators together, we can say that the price will continue to dip for some time. Thereafter, we have to wait and watch if a bearish trend reversal occurs and the price starts rising. ADA Technical Analysis Currently, the price has fallen below the first Fibonacci pivot point of $1.55. It is likely to fall further below the Fibonacci pivot point of $1.45. Thereafter, we need to observe if the price retests and breaks out of these levels. The price is soon likely to test and fall below the 23.6% FIB retracement level of $1.51. It may fall further below the 38.2% FIB retracement level of $1.47. If by day end, the price retests and surpasses these levels, then probably a price uptrend has set in. In that case, the price may continue rising tomorrow as well.
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