Daily Cardano ADA Price Forecast

• The 50-bar SMA in the 4-hour Cardano price chart has stopped further downward movement.
• The MACD shows sustained bullish momentum.

Between March 1 and March 4, the Cardano price dropped from  $1.32 to $1.12. Since then, ADA has been trending horizontally around this level till March 8. However, after three straight bearish days, the bulls have finally taken control.

Cardano Price Finds Support At the 20-day SMA

Since the last three days, the Cardano price has been under bearish control and trending around the $1.12 level. Now, the buyers were able to take ADA up to $1.24, before getting corrected to $1.16. The relative strength index (RSI) is hovering near the overought zone, so the upside potential remains a little limited for now.

Image: ADA/USD daily

On the upside, the nearest resistance barrier lies at $1.21, wherein 28,600 addresses had purchased 1.43 billion ADA tokens. Above this barrier, there is another resistance level at $1.27. On the downside, the healthiest support barrier is at the 20-day SMA ($1.14).

Image: IntoTheBlock

The Cardano price is sitting on top of the 50-day SMA. However, the MACD shows sustained bullish market momentum, so a further growth in ADA is expected.

Image: ADA/USD 4-hour

Cardano Price Is Expected To Reach These Levels

Cardano price should gain enough momentum to reach the $1.21 resistance barrier.