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