Cardano is a public blockchain network that provides robust infrastructure and tools for the development of innovative decentralized apps. It is a <a href="https://www.cryptoknowmics.com/news/a-complete-guide-to-the-proof-of-stake-in-blockchain/">PoS-based blockchain</a> 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:
<h2><b>Past Performance</b></h2>
On May 13, 2021, ADA started trading at $1.57. On May 19, 2021, ADA closed at $1.47. Thus, <a href="https://www.cryptoknowmics.com/news/cardano-ada-prices-hits-ath-founder-to-grab-attention-of-mark-cuban/">in the past week</a>, the ADA price has decreased by roughly 6%. In the last 24 hours, ADA has traded between $1.32-$1.57.

<img class="shrinkToFit" src="https://s3.tradingview.com/snapshots/c/CCH3GCkp.png" alt="https://s3.tradingview.com/snapshots/c/CCH3GCkp.png" width="939" height="444" />

<a href="https://s3.tradingview.com/snapshots/c/CCH3GCkp.png">https://s3.tradingview.com/snapshots/c/CCH3GCkp.png</a>
<h2><b>Day-Ahead and Tomorrow</b></h2>
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 <strong>MACD and signal lines</strong> 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 <strong>A/D indicator</strong> 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 <strong>RSI indicator</strong> 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.
<h2><b>ADA Technical Analysis</b></h2>
Currently, the price has fallen below the <strong>first Fibonacci pivot point</strong> of $1.55. It is likely to fall further below the <strong>Fibonacci pivot point</strong> 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 <strong>23.6% FIB retracement level</strong> of $1.51. It may fall further below the <strong>38.2% FIB retracement level</strong> 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.

ADA Technical Analysis: Price Below the First Fibonacci Point of $1.55

ADA 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. By day end, if 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.

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.

ADA Technical Analysis: Price Below the First Fibonacci Point of $1.55

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