Cardano is an open-source blockchain network that welcomes visionaries, change-makers, and innovators on board, for developing a broad range of decentralized apps and digital assets. It follows a staking system and ADA is its in-house token. It is a tamper-proof and sustainable model for facilitating borderless cryptocurrency transactions. ADA technical analysis follows as below. Past Performance On Jun 16, 2021, ADA opened at $1.56. On Jun 22, 2021, ADA closed at $1.15. Thus, in the past week, the ADA price has decreased by roughly 26%. In the last 24 hours, ADA has traded between $1-$1.26. https://ift.tt/2UpiMql Day-Ahead and Tomorrow Currently, ADA is trading at $1.24. The price has increased from the day’s opening price of $1.15. Thus, the market seems bullish. The MACD line is negative while the signal line is positive. 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 start falling. Currently, the RSI indicator is at 42%. It faced rejection at 59% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the ADA price. However, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. Heavy buying activity will push the price further up. In short, the RSI and MACD oscillators have given bearish signals, while the OBV oscillator has given bullish signals. Thus, we can say that currently, the overall market momentum is negative. But, we have to wait and watch, if the intermittent price rises are price corrections or indicative of a bearish trend reversal. ADA Technical Analysis Currently, the price is above the first Fibonacci pivot resistance level of $1.24. It may soon fall below it and further below the Fibonacci pivot point of $1.14. Thereafter, we have to wait and watch if the price starts rising or continues to fall. The price has tested and broken out of the 23.6% FIB retracement level of $1.20. However, it may soon retest this level and fall below it. If by day close, the price falls below the 76.4% FIB retracement level of $1.06, then the price downswing is strong enough to sustain till tomorrow.
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