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Cardano Price Analysis: ADA Faces Hard Rejection At $0.45

2 Min Read
Last Updated March 27th 2021

Daily Cardano ADA Price Forecast

  • Cardano price had previously bounced up from the 20-day SMA.
  • The RSI is trending at the edge of the overbought zone.

Over the last six days, the Cardano price has jumped from $0.31 to $0.42, gaining more than $0.1 in its overall valuation. Let’s take a closer look with technical analysis.

 

Cardano Price Momentum Stopped By $0.45

During Monday and Tuesday, the Cardano price has jumped from $0.34 to $0.424, bouncing up from the 20-day SMA. During this upward surge, the parabolic SAR reversed from bearish to bullish, which shows that the overall market sentiment is positive.

ada/usddaily chart 020421

Image: ADA/USD daily

However, the relative strength index is hovering at the edge of the overbought zone, so a further increase in Cardano price may lead to more correction. As per IntoTheBlock’s IOMAP, ADA may drop to the $0.375 support wall. Previously at this level, 26,500 addresses had purchased 1 billion ADA tokens. This wall should be robust enough to absorb a lot of selling pressure.

ada/usd volume chart 020421

Image: IntoTheBlock

The 4-hour Cardano price chart also shows decreasing bullish momentum in the MACD indicator, so we can definitely expect a correction.

ada/usd 4-hour chart 020421

Image: ADA/USD 4-hour

 

Cardano Network Getting Stronger

Over the last 24 hours, the number of daily active addresses in Cardano has risen from 19,600 to 32,220. This is a positive Cardano price indicator since it shows that the network is getting stronger.

ada/usd addresses chart 040221

Image: IntoTheBlock

 

Cardano Price Is Expected To Reach These Levels

Cardano price is consolidating below $0.45, and we don’t see ADA break past this zone any time soon.

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