ADA Technical Analysis: Price Successfully Broken Recent High at $1.96, Awaits a Crucial Resistance of $2.47

Ankita  |  Sep 15, 2021

Taurus, a blockchain infrastructure and digital assets management firm operating on an institutional-grade platform, has successfully integrated its platform with the Cardano blockchain. Upon integration, all Cardano blockchain capabilities will be mirrored on Taurus' institutional-grade platform, and staking will now be available on its chain. Cardano's (ADA) latest upgrade, the Alonzo hard fork, along with its updated features and performance, will be available immediately.

ADLend develops a scalable and decentralized lending protocol on Cardano, governed by the community. Cardano is a leader in PoS as a collection of protocols that provide economic support for billions of people. The decentralized finance industry has evolved to keep up with the growth of digital assets over the last decade. Let us look at the technical analysis of ADA.

Past Performance

The current price of ADA is $2.39, which is down by 0.29%, resulting in an equivalent depreciation in the market cap of ADA of 0.29% in the last 24 hours.

Since last week, the price has been on a downtrend. ADA traded between $2.33-$2.43 in the last 24 hours, no significant high or low has been recorded in the last 24 hours in the price.

TradingView Chart

ADA Technical Analysis

On the daily chart, the OBV has swept down indicating the fall in the volume of ADA.

RSI faced major resistance at 64.78% and has been falling since then. RSI tried to find support, but it couldn’t and fell more. RSI made some lower lows and lower highs on the chart. Indicating a bearish divergence. RSI is on the 45.92% mark and is making a downtrend suggesting the selling pressures are high, and we might expect the RSI to go further down on the chart resulting in a dip in price.

MACD and EMA lines are above the zero range, however, the lines are making a downtrend on the chart that might push the MACD and EMA below the zero range.

Day-Ahead and Tomorrow

The ADA price has successfully broken its recent high at $1.96, and it is near its crucial resistance level at $2.47. A breakout from this level will highlight the next resistance level at $2.55. Traders can take a long position.

However, if the bears get active, it will highlight the support level at $2.20. Traders can go short if the price breaks down this level, it will highlight the support level of $2.

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