ADA Technical Analysis: Price May Fall Below the Support Levels of $1.53 and $1.51
Cardano is a public blockchain network that provides robust infrastructure and tools for the development of innovative decentralized apps. It is a PoS-based blockchain 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 and low is its technical analysis.
On Jun 7, 2021, ADA opened at $1.68. On Jun 13, 2021, ADA closed at $1.56. Thus, in the past week, the price has decreased by roughly 7%. In the last 24 hours, ADA has traded between $1.53-$1.57.
Day-Ahead and Tomorrow
Currently, ADA is trading at $1.53. The price has decreased from the day’s opening price of $1.57. Thus, the market seems bearish.
The MACD and signal lines are 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 decline further.
Currently, the RSI indicator is at 38%. It faced rejection at 46% and fell to the current level. Hence, selling pressures are high. High offloading activity will push the ADA price further down.
Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the ADA price.
In short, all three oscillators have given negative signals.
ADA Technical Analysis
Currently, the price is below the first Fibonacci pivot support level of $1.54. It may soon fall below the subsequent support levels of $1.53 and $1.51, respectively.
The price has tested and fallen below the 23.6% FIB retracement level of $1.54. The price may soon test and fall below the 23.6% FIB extension level of $1.52 as well. Thus, as of now, the bearish forces seem strong. In that case, the price may continue to decrease tomorrow as well.
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