Cardano Price Analysis: ADA Faces Crucial Resistance At 50-day SMA

Daily Cardano ADA Price Forecast

Last Updated July 23rd 2021
1 Min Read
  • Cardano price blocked on the upside by the 20-day SMA.
  • MACD has reversed from bearish to bullish.
  • Between June 4 and June 22, the Cardano price crashed from $1.84 to $1.15 – losing almost $0.70 in its overall valuation. During this crash, ADA managed to flip the 20-day and 50-day SMAs from support to resistance. Read on to find out what happened after that.

    Cardano Price Faces Key Resistance At 50-day SMA

    On June 23 and June 24, the Cardano price jumped from $1.15 to $1.36. Since then, it has been somewhat trending horizontally around $1.35. The MACD has reversed from bearish to bullish. On the upside, ADA faces immediate resistance at the 20-day SMA. However, the most crucial resistance lies at the 50-day SMA. If Cardano can break above this, they will also flip the parabolic SAR from negative to positive.

    Image: ADA/USD daily

    ADA/USD daily chart 062921

    As per the IOMAP, the Cardano price has strong support at $1.33 on the downside. Previously, at this level, over 178,000 addresses had purchased nearly 4 billion ADA tokens.

    Image: IntoTheBlock

    ADA/USD volume chart 062921

    Cardano Price Is Expected To Reach These Levels

    The Cardano price needs to take down the 50-day SMA to reverse the parabolic SAR from negative to positive.

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