- Cardano price has dropped from $2.25 to $1.83.
- MACD shows decreasing bullish market momentum.
Over the last three days, the bears have taken full control of the Cardano price as it crashed from $2.25 to $1.83 - losing almost $0.42 in its overall valuation. Prior to this, the Cardano price jumped from $1.09 to $2.20 between April 26 and May 16
Cardano Price Drops From Overbought Zone
Looking at the Cardano price chart, we can see that the recent drop has dipped the relative strength index (RSI) from the overbought zone to the neutral territory. The MACD shows decreasing bullish market momentum.
Image: ADA/USD daily
Cardano price has a strong resistance barrier at $1.95. Previously, at this level, nearly ~37,000 addresses had purchased ~1 billion ADA tokens.
Cardano Price Is Expected To Reach These Levels
The Cardano price is on a steady downtrend and will likely fall to the 20-day SMA, which is the healthiest support wall as per the IOMAP. The buyers will need to bounce up from this level.