Cardano Price Analysis: ADA Buyers Fightback After Two Bearish Days
Daily Cardano ADA Price Forecast
- The Cardano price volatility is on the rise.
- The MACD has reversed from green to red.
The Cardano price had two bearish sessions on July 13 and July 14, wherein it dropped from $1.35 to $1.28, flipping the 20-day SMA from support to resistance. Prior to that, between June 23 and July 4, ADA climbed up from $1.15 to $1.45. Let’s take a closer look.
Cardano Price Looks To Jump Back Up
On July 14, the Cardano price jumped to $1.27. The Bollinger band has started to expand to show increasing volatility, As such expect more movements. Unfortunately, the MACD has reversed from bullish to bearish to shows that the overall sentiment is still negative.
Image: ADA/USD daily
The Cardano price has healthy support at $1.20. Previously, at this level, over 100,000 addresses had purchased nearly 1.4 billion ADA tokens.
Cardano Demand Rises Amongst Retail And Institutional Investors
Staking volumes on Cardano have increased significantly as the hard fork draws near. So far, there has been over $31 billion worth of ADA staked ahead of the hard fork. Cardano is a proof of stake (PoS) blockchain and thus requires less energy to mine than the other top coins in the market.
The Cardano network boasts of the highest number of staked coins, ahead of Ethereum, with over 70% of the entirety of ADA supply currently staked. The network has so far drawn in over $24 million in institutional investments. Data shows that Cardano investment funds have attracted more investment funds than most other digital assets in the crypto space. With Bitcoin and Ethereum leading the charge of where institutional investors choose to empty their pockets.
The interest in ADA from institutional investors comes with the rising popularity of Cardano amongst retail investors. Grayscale Investments announced earlier that they had included Cardano in their crypto trusts. The coin became the investment’s firm third-largest crypto holding.
Popular crypto exchange eToro earlier in the month released stats that showed that Cardano’s ADA became the most held coin on the cryptocurrency exchange, beating out Bitcoin and Ether to claim the top spot on the exchange. This showed a 51 percent increase in the amount of ADA being held on the exchange by users.
Cardano Price Is Expected To Reach These Levels
If the buyers somehow gain enough momentum to break past the 20-day SMA, it will reach the $1.40 resistance barrier.