ADA Technical Analysis – May Surpass and Break Out to $1.20
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ADA Technical Analysis – May Surpass and Break Out to $1.20

April 20, 2021      Ankita Awasthi

In technical analysis, Cardano is a PoS-based blockchain network that provides a robust platform for users to create innovative decentralized apps that will bring about a positive change globally. It is a hack-free and sustainable model for facilitating digital currency transactions across borders. ADA is the native token of this open-source protocol.

Past Trends

On April 13, 2021, ADA started trading at $1.31. As of April 19, 2021, ADA closed at $1.19. Thus, in the past week, the ADA price has surged by roughly 3%. In the last 24 hours, ADA is trading between $1.13-$1.20.

ADA Technical Analysis

Day-Ahead and Tomorrow

Currently, ADA is trading at $1.16. The price has fallen from $1.19 since morning. Thus, the market looks bearish.

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The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are inching closer to the zero line and may change signs soon. Thus, we can expect a trend reversal.

The RSI indicator faced rejection at 37% and is steadily rising thereafter. It is currently at 53%. Thus, buying pressures are slowly overtaking the ADA market. In that case, the ADA price is likely to be pushed upwards.

The OBV indicator is upward sloping too. Hence, buying volumes are higher than selling volumes. Therefore, like the RSI indicator, the OBV indicator is also pointing towards a price rise. The MACD indicator is also showing an impending bearish trend reversal. Thus, all the oscillators are showing signs of a healthy market.

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ADA Technical Analysis

As per technical analysis, the price is currently below the Fibonacci pivot point of $1.17.It may soon surpass the pivot point and break out of the first Fibonacci pivot resistance level of $1.20 in some time.

The price has tested and broken out of the 38.2% FIB retracement level of $1.15. If by day end, the price breaks out of the 76.4% FIB retracement level of $1.18, then probably a bullish trend has set in. In that case, we can expect the price rise to continue tomorrow as well.

#ADA #Cardano
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.