Cardano (ADA) focuses on creating a more transparent, secure, and fair society. Also, the token ADA is designed to ensure that owners of this token can participate in the operation of the network. Owners can also have voting rights on the platform. Let us look at the technical analysis for ADA. Past Performance On July 07, 2021, ADA opened at $1.42. As of July 13, 2021, the closing price of ADA was $1.28. Thus, in the past week, the ADA price has not been very volatile and has not given any strong movement. In the last 24 hours, ADA has traded between $1.21 – $1.31. https://ift.tt/3kgwozb Day-Ahead And Tomorrow At the time of press, ADA is trading at $1.22. The price is down by approximately 6.31% from the opening price of $1.26. Thus, indicating high selling pressure in the market, and forming a bearish candle for the day. Moreover, it is forming a descending triangle pattern and is currently taking the support at $1.20. On the daily chart, the MACD and signal lines are below the zero range. Moreover, the MACD line over the Signal lines is forming a bearish crossover. Thus, the overall momentum in the market seems to be losing its grip, and we can expect a price to fall for the day. However, if buying pressure takes over the selling pressure, we might witness a clear breakout on the upside. Then, the ADA price can test the resistance at $1.45. The RSI on the daily chart is near to the equilibrium and has broken its long-term support at the 39% mark. Currently, RSI is at 37.19%. It has fallen from the 53% mark. Which has acted as a resistance in the past. Thus, indicating that the selling pressure is mounting up in the market, and is taking over the buying pressure. Hence, for the rest of the day, we can expect the price to fall, until the RSI is above the support level. ADA Technical Analysis ADA is trading above the Fibonacci pivot support level of $1.24. Which has acted as strong support. We can expect a retest at this pivot level, however, if the selling pressure remains the same, the price might break the support to fall more. Here, the opportunity for a short position arises. The price has been tested and fallen from the FIB retracement level of $1.27. If the price rises above this FIB extension level in some time, this implies that the price uptrend is strong. In that case, the price upswing is likely to continue tomorrow as well. Then, traders can go long.
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