Cardano Price Analysis: ADA Creeps Below 50-day SMA
Daily Cardano ADA Price Forecast
- Cardano price had a bullish session after three straight bearish sessions.
- Healthy support for ADA lies at $1.30.
The Cardano price lost a whole dollar in its overall valuation as ADA crashed from $2.30 to $1.30 between May 17 and May 23. During this crash, ADA managed to reverse the 20-day and 50-day SMAs from support to resistance. On May 24, the buyers took control of the market and pushed Cardano up to $1.55, flipping the 50-day SMA back to support.
Bears Can’t Push Cardano Price Back Below 50-day SMA
Following this Monday’s slight bullish surge, the Cardano price has dropped to $1.49 and is presently sitting on top of the 50-day SMA. If this level doesn’t hold strong, ADA could break down to $1.30. The MACD shows sustained bearish market momentum, which adds further credence to our negative thesis. However, the TD sequential detector is on the verge of flashing a buy signal in the form of a red-nine candlestick. When it does so, we can expect ADA to jump to the $1.63 resistance barrier.
Image: ADA/USD daily
Looking at the IOMAP, we can see that the most robust line of support for Cardano price is at the 50-day SMA ($1.45). Previously, at this level, ~90,000 addresses had purchased close to 2.15 billion ADA tokens.
Cardano Price Is Expected To Reach These Levels
For the buyers, the situation is pretty straightforward. They need to make sure that the Cardano price doesn’t break below the 50-day SMA. If ADA breaks this support wall, it could drop to the $1.30 line.